Blackrock Funds
04/07/2026 | Press release | Distributed by Public on 04/07/2026 08:54
Semi-Annual Report by Investment Company (Form N-CSRS)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number: 811-05742
Name of Fund: BlackRock FundsSM
BlackRock Short Obligations Fund
Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809
Name and address of agent for service: John M. Perlowski, Chief Executive Officer, BlackRock FundsSM, 50 Hudson Yards, New York, NY 10001
Registrant's telephone number, including area code: (800) 441-7762
Date of fiscal year end: 07/31/2026
Date of reporting period: 01/31/2026
Item 1 - Report to Stockholders
(a) The Report to Shareholders is attached herewith.
BlackRock Short Obligations Fund
Institutional Shares | BISOX
Semi-Annual Shareholder Report - January 31, 2026
This semi-annual shareholder report contains important information about BlackRock Short Obligations Fund (the "Fund") for the period of August 1, 2025 to January 31, 2026.You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441-7762.
What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)
Table Summary
|
Class name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
Institutional Shares
|
$15
|
0.29%Footnote Reference(a)
|
| Footnote | Description |
|
Footnote(a)
|
Annualized. |
Key Fund statistics
Table Summary
|
Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
$1,065,676,554
|
|
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
250
|
|
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
29%
|
What did the Fund invest in?
(as of January 31, 2026)
Portfolio composition
Maturity allocation
Table Summary
|
Asset Type
|
Percent of Net Assets
|
|
Corporate Bonds........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
40.6%
|
|
Asset-Backed Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
5.5
|
|
U.S. Treasury Obligations........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
2.3
|
|
Foreign Agency Obligations........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
0.8
|
|
Municipal Bonds........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
0.3
|
|
Short-Term Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
50.6
|
|
Liabilities in Excess of Other Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
(0.1)
|
Table Summary
|
Percent of Net Assets
|
|
|
1-7 days........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
5.0%
|
|
8-14 days........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
2.0
|
|
15-30 days........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
5.0
|
|
31-60 days........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
7.9
|
|
61-90 days........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
6.7
|
|
91-120 days........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
12.7
|
|
121-150 days........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
3.5
|
|
>150 days........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
57.2
|
Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund's prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.
©2026 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
BlackRock Short Obligations Fund
Institutional Shares | BISOX
Semi-Annual Shareholder Report - January 31, 2026
BISOX-01/26-SAR
BlackRock Short Obligations Fund
Investor A Shares | BASOX
Semi-Annual Shareholder Report - January 31, 2026
This semi-annual shareholder report contains important information about BlackRock Short Obligations Fund (the "Fund") for the period of August 1, 2025 to January 31, 2026.You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441-7762.
What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)
Table Summary
|
Class name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
Investor A Shares
|
$26
|
0.50%Footnote Reference(a)
|
| Footnote | Description |
|
Footnote(a)
|
Annualized. |
Key Fund statistics
Table Summary
|
Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
$1,065,676,554
|
|
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
250
|
|
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
29%
|
What did the Fund invest in?
(as of January 31, 2026)
Portfolio composition
Maturity allocation
Table Summary
|
Asset Type
|
Percent of Net Assets
|
|
Corporate Bonds........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
40.6%
|
|
Asset-Backed Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
5.5
|
|
U.S. Treasury Obligations........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
2.3
|
|
Foreign Agency Obligations........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
0.8
|
|
Municipal Bonds........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
0.3
|
|
Short-Term Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
50.6
|
|
Liabilities in Excess of Other Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
(0.1)
|
Table Summary
|
Percent of Net Assets
|
|
|
1-7 days........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
5.0%
|
|
8-14 days........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
2.0
|
|
15-30 days........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
5.0
|
|
31-60 days........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
7.9
|
|
61-90 days........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
6.7
|
|
91-120 days........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
12.7
|
|
121-150 days........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
3.5
|
|
>150 days........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
57.2
|
Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund's prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.
©2026 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
BlackRock Short Obligations Fund
Investor A Shares | BASOX
Semi-Annual Shareholder Report - January 31, 2026
BASOX-01/26-SAR
BlackRock Short Obligations Fund
Class K Shares | BBSOX
Semi-Annual Shareholder Report - January 31, 2026
This semi-annual shareholder report contains important information about BlackRock Short Obligations Fund (the "Fund") for the period of August 1, 2025 to January 31, 2026.You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441-7762.
What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)
Table Summary
|
Class name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
Class K Shares
|
$10
|
0.20%Footnote Reference(a)
|
| Footnote | Description |
|
Footnote(a)
|
Annualized. |
Key Fund statistics
Table Summary
|
Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
$1,065,676,554
|
|
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
250
|
|
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
29%
|
What did the Fund invest in?
(as of January 31, 2026)
Portfolio composition
Maturity allocation
Table Summary
|
Asset Type
|
Percent of Net Assets
|
|
Corporate Bonds........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
40.6%
|
|
Asset-Backed Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
5.5
|
|
U.S. Treasury Obligations........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
2.3
|
|
Foreign Agency Obligations........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
0.8
|
|
Municipal Bonds........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
0.3
|
|
Short-Term Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
50.6
|
|
Liabilities in Excess of Other Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
(0.1)
|
Table Summary
|
Percent of Net Assets
|
|
|
1-7 days........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
5.0%
|
|
8-14 days........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
2.0
|
|
15-30 days........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
5.0
|
|
31-60 days........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
7.9
|
|
61-90 days........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
6.7
|
|
91-120 days........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
12.7
|
|
121-150 days........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
3.5
|
|
>150 days........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
57.2
|
Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund's prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.
©2026 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
BlackRock Short Obligations Fund
Class K Shares | BBSOX
Semi-Annual Shareholder Report - January 31, 2026
BBSOX-01/26-SAR
(b) Not Applicable
Item 2 - Code of Ethics - Not Applicable to this semi-annual report
Item 3 - Audit Committee Financial Expert - Not Applicable to this semi-annual report
Item 4 - Principal Accountant Fees and Services - Not Applicable to this semi-annual report
Item 5 - Audit Committee of Listed Registrant - Not Applicable
Item 6 - Investments
(a) The registrant's Schedule of Investments is included as part of the Financial Statements and Financial Highlights for Open-End Management Investment Companies filed under Item 7 of this Form.
(b) Not Applicable due to no such divestments during the semi-annual period covered since the previous Form N-CSR filing.
Item 7 - Financial Statements and Financial Highlights for Open-End Management Investment Companies
(a) The registrant's Financial Statements are attached herewith.
(b) The registrant's Financial Highlights are attached herewith.
January
31,
2026
Not
FDIC
Insured
-
May
Lose
Value
-
No
Bank
Guarantee
2026
Semi-Annual
Financial
Statements
and
Additional
Information
(Unaudited)
BlackRock
Funds
SM
BlackRock
Short
Obligations
Fund
Table
of
Contents
Page
2
Schedule
of
Investments
..................................................................................................
3
Statement
of
Assets
and
Liabilities
............................................................................................
10
Statement
of
Operations
..................................................................................................
12
Statements
of
Changes
in
Net
Assets
..........................................................................................
13
Financial
Highlights
.....................................................................................................
14
Notes
to
Financial
Statements
...............................................................................................
17
Additional
Information
....................................................................................................
23
Glossary
of
Terms
Used
in
these
Financial
Statements
................................................................................
25
Schedule
of
Investments
(unaudited)
January
31,
2026
BlackRock
Short
Obligations
Fund
Schedule
of
Investments
3
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
BMW
Vehicle
Lease
Trust
Series
2025-2,
Class
A2A,
3.94%,
11/26/27
.
USD
3,980
$
3,981,614
Series
2025-2,
Class
A2B,
(SOFR
30
day
Average
at
0.00%
Floor
+
0.31%),
4.01%,
11/26/27
(a)
.....................
2,920
2,920,368
CNH
Equipment
Trust
Series
2024-B,
Class
A2A,
5.42%,
10/15/27
.
105
105,072
Series
2024-B,
Class
A2B,
(SOFR
30
day
Average
at
0.40%
Floor
+
0.40%),
4.11%,
10/15/27
(a)
.....................
92
91,719
Series
2026-A,
Class
A2A,
3.82%,
06/15/29
.
5,218
5,217,612
Ford
Credit
Auto
Lease
Trust
Series
2024-B,
Class
A2A,
5.18%,
02/15/27
.
19
19,100
Series
2026-A,
Class
A2A,
3.83%,
08/15/28
.
1,940
1,941,113
Ford
Credit
Auto
Owner
Trust
Series
2024-B,
Class
A2A,
5.40%,
04/15/27
.
160
159,740
Series
2025-B,
Class
A2B,
(SOFR
30
day
Average
at
0.00%
Floor
+
0.30%),
4.01%,
06/15/28
(a)
.....................
2,558
2,558,489
Series
2025-C,
Class
A2A,
3.99%,
09/15/28
.
1,862
1,864,470
Series
2025-C,
Class
A2B,
(SOFR
30
day
Average
at
0.00%
Floor
+
0.36%),
4.07%,
09/15/28
(a)
.....................
1,770
1,770,590
Honda
Auto
Receivables
Owner
Trust,
Series
2025-4,
Class
A2B,
(SOFR
30
day
Average
at
0.00%
Floor
+
0.38%),
4.09%,
06/15/28
(a)
..
3,579
3,584,225
Hyundai
Auto
Lease
Securitization
Trust
(b)
Series
2026-A,
Class
A2A,
3.85%,
05/15/28
.
4,109
4,110,915
Series
2026-A,
Class
A2B,
(SOFR
30
day
Average
at
0.00%
Floor
+
0.36%),
4.06%,
05/15/28
(a)
.....................
1,921
1,921,210
Hyundai
Auto
Receivables
Trust
(a)
Series
2024-B,
Class
A2B,
(SOFR
30
day
Average
at
0.00%
Floor
+
0.37%),
4.08%,
06/15/27
......................
237
236,903
Series
2025-C,
Class
A2B,
(SOFR
30
day
Average
+
0.35%),
4.06%,
07/17/28
....
2,537
2,538,768
Series
2025-D,
Class
A2B,
(SOFR
30
day
Average
at
0.00%
Floor
+
0.38%),
4.09%,
11/15/28
......................
7,053
7,057,972
Nissan
Auto
Receivables
Owner
Trust
Series
2025-B,
Class
A2A,
4.00%,
07/17/28
.
2,238
2,242,111
Series
2025-B,
Class
A2B,
(SOFR
30
day
Average
at
0.00%
Floor
+
0.38%),
4.09%,
07/17/28
(a)
.....................
1,413
1,414,168
Toyota
Auto
Receivables
Owner
Trust
Series
2025-D,
Class
A2A,
3.89%,
08/15/28
.
2,192
2,194,128
Series
2025-D,
Class
A2B,
(SOFR
30
day
Average
at
0.00%
Floor
+
0.32%),
4.03%,
08/15/28
(a)
.....................
1,555
1,555,756
Series
2026-A,
Class
A2A,
3.80%,
12/15/28
.
3,734
3,735,417
Series
2026-A,
Class
A2B,
(SOFR
30
day
Average
at
0.00%
Floor
+
0.33%),
4.03%,
12/15/28
(a)
.....................
1,186
1,186,228
Toyota
Lease
Owner
Trust,
Series
2025-B,
Class
A2B,
(SOFR
30
day
Average
at
0.00%
Floor
+
0.34%),
4.04%,
05/22/28
(a)
(b)
...........
1,583
1,583,789
USAA
Auto
Owner
Trust,
Series
2025-A,
Class
A2,
3.98%,
03/15/28
(b)
...............
1,750
1,751,090
Volkswagen
Auto
Lease
Trust,
Series
2025-B,
Class
A2B,
(SOFR
30
day
Average
at
0.00%
Floor
+
0.37%),
4.07%,
04/20/28
(a)
.......
2,281
2,283,273
Total
Asset-Backed
Securities
-
5
.5
%
(Cost:
$
57,990,256
)
...............................
58,025,840
Security
Par
(000)
Par
(000)
Value
Corporate
Bonds
Aerospace
&
Defense
-
0.3%
General
Dynamics
Corp.,
3.50%,
04/01/27
...
USD
1,970
$
1,966,500
RTX
Corp.,
5.00%,
02/27/26
............
1,595
1,595,353
3,561,853
Automobiles
-
2.5%
(b)
BMW
US
Capital
LLC
(SOFR
Index
+
0.80%),
4.47%
,
08/13/26
(a)
.
2,770
2,778,363
4.65%
,
08/13/26
...................
1,175
1,179,544
Hyundai
Capital
America
5.45%
,
06/24/26
...................
2,005
2,016,423
5.25%
,
01/08/27
...................
2,625
2,656,775
4.85%
,
03/25/27
...................
3,030
3,057,050
(1-day
SOFR
at
0.00%
Floor
+
1.12%),
4.79%
,
06/23/27
(a)
................
2,835
2,855,794
(1-day
SOFR
at
0.00%
Floor
+
1.03%),
4.69%
,
09/24/27
(a)
................
2,965
2,978,261
Mercedes-Benz
Finance
North
America
LLC,
4.88%,
07/31/26
..................
2,840
2,854,481
Volkswagen
Group
of
America
Finance
LLC
(1-day
SOFR
+
0.83%),
4.50%
,
03/20/26
(a)
.
3,140
3,141,453
4.45%
,
09/11/27
...................
3,280
3,290,477
26,808,621
Banks
-
11.5%
ANZ
New
Zealand
International
Ltd.,
4.00%,
01/22/29
(b)
......................
900
900,823
ASB
Bank
Ltd.,
5.35%,
06/15/26
(b)
.........
2,925
2,939,928
Bank
of
America
Corp.,
3.50%,
04/19/26
.....
6,380
6,374,917
Banque
Federative
du
Credit
Mutuel
SA,
5.09%,
01/23/27
(b)
......................
3,140
3,177,244
BPCE
SA,
5.20%,
01/18/27
(b)
............
2,010
2,035,894
Citibank
NA
4.93%
,
08/06/26
...................
4,420
4,441,722
(1-day
SOFR
+
0.71%),
4.39%
,
11/19/27
(a)
.
8,450
8,466,827
Commonwealth
Bank
of
Australia
(1-day
SOFR
at
0.00%
Floor
+
0.46%),
4.12%
,
11/27/26
(a)
(b)
...............
2,770
2,779,237
4.42%
,
03/14/28
...................
3,035
3,077,220
Cooperatieve
Rabobank
UA
(1-day
SOFR
+
0.59%),
4.25%
,
05/27/27
(a)
.
6,210
6,233,339
4.88%
,
01/21/28
...................
5,610
5,733,812
JPMorgan
Chase
&
Co.,
(1-day
SOFR
+
0.89%),
1.58%,
04/22/27
(a)
.................
4,000
3,978,655
Morgan
Stanley
Bank
NA,
(1-day
SOFR
+
0.69%),
4.34%,
10/15/27
(a)
............
8,770
8,785,519
Morgan
Stanley
Private
Bank
NA,
(1-day
SOFR
+
0.78%),
4.20%,
11/17/28
(a)
............
2,305
2,311,406
National
Australia
Bank
Ltd.,
(1-day
SOFR
+
0.50%),
4.18%,
03/06/28
(a)
(b)
...........
2,805
2,808,928
National
Securities
Clearing
Corp.,
4.35%,
05/20/27
(b)
......................
5,715
5,757,147
NatWest
Markets
plc,
4.79%,
03/21/28
(b)
.....
4,220
4,289,027
Nordea
Bank
Abp
(b)
5.00%
,
03/19/27
...................
3,150
3,192,124
(1-day
SOFR
+
0.70%),
4.37%
,
03/17/28
(a)
.
2,210
2,221,310
PNC
Bank
NA,
(1-day
SOFR
+
0.63%),
4.54%,
05/13/27
(a)
......................
4,240
4,245,638
PNC
Financial
Services
Group,
Inc.
(The),
(1-day
SOFR
+
0.61%),
4.08%,
01/26/29
(a)
......
4,040
4,045,692
Skandinaviska
Enskilda
Banken
AB,
4.38%,
06/02/28
(b)
......................
6,205
6,274,473
Sumitomo
Mitsui
Financial
Group,
Inc.,
4.11%,
01/15/29
.......................
6,095
6,096,671
Sumitomo
Mitsui
Trust
Bank
Ltd.,
4.45%,
09/10/27
(b)
......................
2,770
2,793,599
2026
BlackRock
Semi-Annual
Financial
Statements
and
Additional
Information
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2026
BlackRock
Short
Obligations
Fund
4
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Banks
(continued)
Truist
Bank
(a)
(1-day
SOFR
+
0.59%),
4.67%
,
05/20/27
..
USD
4,955
$
4,963,190
Series
I
,
(1-day
SOFR
+
0.66%),
4.14%
,
01/27/29
......................
2,100
2,102,377
United
Overseas
Bank
Ltd.,
(SOFR
Index
+
0.58%),
4.23%,
04/02/28
(a)
(b)
...........
3,035
3,043,903
Wells
Fargo
&
Co.
(a)
(1-day
SOFR
+
0.78%),
4.44%
,
01/24/28
..
2,980
2,987,635
Series
W
,
(1-day
SOFR
+
0.78%),
4.90%
,
01/24/28
......................
2,010
2,026,975
Westpac
Banking
Corp.,
(1-day
SOFR
+
0.50%),
4.18%,
03/06/28
(a)
(b)
................
2,900
2,904,744
Westpac
New
Zealand
Ltd.,
4.13%,
01/29/29
(b)
.
2,050
2,056,265
123,046,241
Broadline
Retail
-
0.2%
Amazon.com,
Inc.,
3.90%,
11/20/28
........
2,010
2,017,197
Capital
Markets
-
4.0%
Bank
of
New
York
Mellon
Corp.
(The),
(SOFR
Index
+
0.68%),
4.36%,
06/09/28
(a)
.......
9,240
9,268,111
Goldman
Sachs
Bank
USA
(a)
(1-day
SOFR
+
0.77%),
4.44%
,
03/18/27
..
3,150
3,152,052
(1-day
SOFR
+
0.78%),
5.28%
,
03/18/27
..
3,150
3,154,811
Macquarie
Bank
Ltd.
(b)
5.39%
,
12/07/26
...................
1,990
2,016,227
3.92%
,
02/03/28
...................
4,285
4,293,304
Morgan
Stanley,
3.63%,
01/20/27
.........
9,000
8,987,292
State
Street
Bank
&
Trust
Co.,
(1-day
SOFR
+
0.46%),
4.15%,
11/25/26
(a)
............
1,135
1,137,383
UBS
AG
(a)
(1-day
SOFR
+
0.50%),
4.19%
,
05/17/27
..
7,760
7,769,847
(1-day
SOFR
+
0.72%),
4.86%
,
01/10/28
..
3,420
3,449,847
43,228,874
Commercial
Services
&
Supplies
-
0.2%
Waste
Management,
Inc.,
4.95%,
07/03/27
...
2,155
2,189,926
Consumer
Finance
-
5.1%
American
Express
Co.,
(1-day
SOFR
+
0.75%),
4.40%,
04/23/27
(a)
.................
3,050
3,051,575
American
Honda
Finance
Corp.
(a)
(1-day
SOFR
at
0.00%
Floor
+
0.55%),
4.23%
,
05/21/26
.................
2,200
2,201,672
(1-day
SOFR
at
0.00%
Floor
+
0.65%),
4.31%
,
07/15/26
.................
5,000
5,007,702
(SOFR
Index
+
0.72%),
4.39%
,
10/05/26
..
2,000
2,005,240
Caterpillar
Financial
Services
Corp.
(1-day
SOFR
+
0.38%),
4.04%
,
01/07/27
(a)
.
2,155
2,159,593
4.50%
,
01/07/27
...................
2,780
2,800,966
3.95%
,
11/14/28
...................
7,500
7,524,982
Hyundai
Capital
Services,
Inc.,
5.25%,
01/22/28
(b)
5,790
5,900,830
John
Deere
Capital
Corp.
4.50%
,
01/08/27
...................
2,780
2,801,720
4.20%
,
07/15/27
...................
1,165
1,173,944
Toyota
Motor
Credit
Corp.
(1-day
SOFR
+
0.30%),
3.94%
,
02/24/26
(a)
.
5,850
5,850,278
(SOFR
Index
+
0.45%),
4.12%
,
04/10/26
(a)
.
2,950
2,951,682
5.20%
,
05/15/26
...................
2,975
2,987,190
(1-day
SOFR
at
0.00%
Floor
+
0.43%),
4.07%
,
06/09/27
(a)
................
7,700
7,718,452
54,135,826
Electric
Utilities
-
0.6%
Florida
Power
&
Light
Co.,
4.45%,
05/15/26
...
1,915
1,917,901
NextEra
Energy
Capital
Holdings,
Inc.
4.69%
,
09/01/27
...................
1,790
1,810,481
Security
Par
(000)
Par
(000)
Value
Electric
Utilities
(continued)
4.85%
,
02/04/28
...................
USD
2,235
$
2,274,819
6,003,201
Electronic
Equipment,
Instruments
&
Components
-
0.7%
Amphenol
Corp.
4.75%
,
03/30/26
...................
750
750,987
5.05%
,
04/05/27
...................
2,755
2,791,742
(1-day
SOFR
+
0.53%),
4.22%
,
11/15/27
(a)
.
3,725
3,734,115
7,276,844
Entertainment
-
0.6%
TWDC
Enterprises
18
Corp.,
2.95%,
06/15/27
.
6,040
5,982,144
Financial
Services
-
4.6%
Equitable
America
Global
Funding
(b)
3.95%
,
09/15/27
...................
830
828,773
(1-day
SOFR
+
0.71%),
4.39%
,
09/15/27
(a)
.
3,115
3,119,906
4.30%
,
12/15/28
...................
6,050
6,075,914
JPMorgan
Chase
Bank
NA,
5.11%,
12/08/26
..
3,030
3,062,304
National
Rural
Utilities
Cooperative
Finance
Corp.
(1-day
SOFR
+
0.33%),
3.98%
,
10/30/26
(a)
.
2,690
2,693,416
(1-day
SOFR
+
0.58%),
4.29%
,
11/22/26
(a)
.
7,550
7,568,896
4.75%
,
02/07/28
...................
1,350
1,370,526
Nationwide
Building
Society,
1.50%,
10/13/26
(b)
8,900
8,754,596
NTT
Finance
Corp.,
4.57%,
07/16/27
(b)
......
2,865
2,889,966
PayPal
Holdings,
Inc.
(1-day
SOFR
+
0.67%),
4.35%
,
03/06/28
(a)
.
2,080
2,086,291
4.45%
,
03/06/28
...................
1,305
1,318,957
Siemens
Financieringsmaatschappij
NV,
6.13%,
08/17/26
(b)
......................
8,750
8,855,579
48,625,124
Food
Products
-
0.3%
Mars,
Inc.,
4.45%,
03/01/27
(b)
...........
3,370
3,394,738
Health
Care
Equipment
&
Supplies
-
0.6%
Stryker
Corp.,
4.55%,
02/10/27
..........
5,935
5,979,564
Health
Care
Providers
&
Services
-
0.1%
UnitedHealth
Group,
Inc.,
4.75%,
07/15/26
...
850
853,139
Hotels,
Restaurants
&
Leisure
-
0.6%
Marriott
International,
Inc.,
4.20%,
07/15/27
...
3,030
3,040,048
Starbucks
Corp.,
4.85%,
02/08/27
.........
3,130
3,158,025
6,198,073
Insurance
-
5.9%
(b)
Athene
Global
Funding
(a)
(SOFR
Index
at
0.00%
Floor
+
0.75%),
4.41%
,
07/16/26
.................
3,810
3,814,903
(1-day
SOFR
at
0.00%
Floor
+
0.68%),
4.37%
,
08/10/26
.................
3,065
3,068,196
(SOFR
Index
at
0.00%
Floor
+
0.95%),
4.63%
,
03/06/28
.................
11,065
11,116,171
MassMutual
Global
Funding
II,
4.45%,
03/27/28
5,448
5,509,442
Metropolitan
Life
Global
Funding
I,
4.15%,
08/25/28
.......................
1,295
1,300,935
Northwestern
Mutual
Global
Funding
4.49%
,
03/21/28
...................
3,940
3,986,602
4.13%
,
08/25/28
...................
1,425
1,431,741
Pacific
Life
Global
Funding
II
(a)
(1-day
SOFR
+
0.48%),
4.17%
,
02/04/27
..
6,635
6,645,483
(1-day
SOFR
+
0.60%),
4.26%
,
01/27/28
..
5,000
5,007,825
Principal
Life
Global
Funding
II
4.60%
,
08/19/27
...................
2,910
2,938,261
4.25%
,
08/18/28
...................
1,125
1,128,624
Protective
Life
Global
Funding
(1-day
SOFR
+
0.50%),
4.15%
,
07/22/26
(a)
.
8,460
8,466,986
4.99%
,
01/12/27
...................
3,150
3,186,593
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2026
BlackRock
Short
Obligations
Fund
Schedule
of
Investments
5
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Insurance
(continued)
(1-day
SOFR
at
0.00%
Floor
+
0.85%),
4.52%
,
09/11/28
(a)
................
USD
5,440
$
5,457,485
63,059,247
IT
Services
-
0.8%
Accenture
Capital,
Inc.,
3.90%,
10/04/27
.....
2,015
2,023,889
International
Business
Machines
Corp.,
3.30%,
05/15/26
.......................
6,070
6,061,691
8,085,580
Machinery
-
0.7%
Daimler
Truck
Finance
North
America
LLC
(b)
5.00%
,
01/15/27
...................
2,260
2,285,341
4.30%
,
08/12/27
...................
1,620
1,627,788
4.95%
,
01/13/28
...................
1,775
1,802,672
4.15%
,
01/12/29
...................
2,280
2,279,886
7,995,687
Metals
&
Mining
-
0.2%
Rio
Tinto
Finance
USA
plc
4.38%
,
03/12/27
...................
1,040
1,047,295
(SOFR
Index
+
0.84%),
4.52%
,
03/14/28
(a)
.
1,395
1,406,394
2,453,689
Pharmaceuticals
-
0.3%
Bristol-Myers
Squibb
Co.,
(1-day
SOFR
at
0.00%
Floor
+
0.49%),
4.17%,
02/20/26
(a)
.......
2,055
2,055,260
Pfizer,
Inc.,
3.88%,
11/15/27
............
1,040
1,043,492
3,098,752
Semiconductors
&
Semiconductor
Equipment
-
0.3%
Advanced
Micro
Devices,
Inc.,
4.21%,
09/24/26
3,040
3,048,961
Specialty
Retail
-
0.4%
Home
Depot,
Inc.
(The),
5.15%,
06/25/26
....
2,900
2,916,274
Lowe's
Cos.,
Inc.,
4.80%,
04/01/26
........
1,760
1,761,676
4,677,950
Trading
Companies
&
Distributors
-
0.1%
Mitsubishi
Corp.,
4.00%,
09/09/28
(b)
........
1,035
1,034,063
Total
Corporate
Bonds
-
40
.6
%
(Cost:
$
430,514,021
)
..............................
432,755,294
Foreign
Agency
Obligations
Australia
-
0.6%
NBN
Co.
Ltd.
,
4.00
%
,
10/01/27
(b)
..........
5,925
5,930,777
Canada
-
0.2%
CDP
Financial,
Inc.
,
4.50
%
,
02/13/26
(b)
......
2,523
2,523,469
Total
Foreign
Agency
Obligations
-
0
.8
%
(Cost:
$
8,441,629
)
...............................
8,454,246
Municipal
Bonds
New
York
-
0
.2
%
New
York
City
Transitional
Finance
Authority
Future
Tax
Secured
,
Series
2025J,
Sub-Series
J-2
,
RB
,
4.51
%
,
11/01/26
.............
2,835
2,851,477
Other
-
0
.1
%
Taxable
Municipal
Funding
Trust
,
Series
2020-
11
,
RB
,
VRDN
(
Barclays
Bank
plc
LOC
)
,
3.97
%
,
02/05/26
(b)
(c)
.................
720
720,000
Total
Municipal
Bonds
-
0
.3
%
(Cost:
$
3,555,000
)
...............................
3,571,477
Security
Par
(000)
Par
(000)
Value
U.S.
Treasury
Obligations
U.S.
Treasury
Notes
1.63
%
,
02/15/26
...................
USD
2,580
$
2,578,067
3.75
%
,
08/31/26
...................
5,815
5,818,725
3.50
%
,
09/30/26
...................
2,930
2,927,963
4.13
%
,
10/31/26
...................
13,355
13,401,012
Total
U.S.
Treasury
Obligations
-
2
.3
%
(Cost:
$
24,638,442
)
...............................
24,725,767
Total
Long-Term
Investments
-
49.5%
(Cost:
$
525,139,348
)
..............................
527,532,624
Short-Term
Securities
Certificates
of
Deposit
-
14.6%
Domestic
-
0.4%
Bank
of
America
NA
,
3.79
%
,
08/24/26
.......
3,810
3,809,599
Yankee
-
14.2%
(d)
Banco
Santander
SA,
New
York
(1-day
SOFR
+
0.25%),
3.89
%
,
03/05/26
(a)
..
6,240
6,240,816
4.44
%
,
05/26/26
...................
7,020
7,032,216
Bank
of
Montreal,
Chicago
3.80
%
,
11/13/26
...................
3,000
3,000,373
(1-day
SOFR
+
0.40%),
4.05
%
,
12/10/26
(a)
..
6,170
6,173,985
Bank
of
Nova
Scotia
(The),
Houston
,
(1-
day
SOFR
at
0.00%
Floor
+
0.27%),
3.92
%
,
03/18/26
(a)
..................
4,170
4,170,824
Barclays
Bank
plc,
New
York
,
(1-day
SOFR
+
0.40%),
4.04
%
,
11/19/26
(a)
.............
2,500
2,501,089
BNP
Paribas
SA,
New
York
,
3.80
%
,
07/13/26
..
2,500
2,500,091
Canadian
Imperial
Bank
of
Commerce,
New
York
(1-day
SOFR
at
0.00%
Floor
+
0.31%),
3.96
%
,
02/06/26
(a)
................
3,000
3,000,139
(1-day
SOFR
at
0.00%
Floor
+
0.30%),
3.95
%
,
02/09/26
(a)
................
7,090
7,090,454
(1-day
SOFR
at
0.00%
Floor
+
0.40%),
4.05
%
,
11/09/26
(a)
................
5,200
5,205,820
3.80
%
,
01/11/27
...................
3,800
3,800,129
Commerzbank
AG,
New
York
,
3.85
%
,
02/01/27
.
3,280
3,279,953
Cooperatieve
Rabobank
UA,
New
York
(1-day
SOFR
+
0.26%),
3.91
%
,
04/08/26
(a)
..
2,750
2,750,931
3.80
%
,
11/16/26
...................
5,470
5,472,220
Credit
Agricole
Corporate
&
Investment
Bank
SA,
New
York
,
4.39
%
,
07/31/26
............
9,420
9,445,053
Credit
Industriel
et
Commercial,
New
York
,
4.44
%
,
05/12/26
...................
6,000
6,008,935
Deutsche
Bank
AG,
New
York
,
4.40
%
,
07/17/26
8,730
8,750,737
Intesa
Sanpaolo
SpA,
New
York
,
4.05
%
,
05/14/26
...................
5,290
5,292,100
Korea
Development
Bank,
New
York
,
4.40
%
,
03/02/26
...................
5,750
5,752,938
Lloyds
Bank
Corporate
Markets
plc,
New
York
,
4.41
%
,
05/15/26
...................
6,090
6,099,589
Mizuho
Bank
Ltd.,
New
York
(1-day
SOFR
+
0.34%),
3.98
%
,
02/18/26
(a)
..
8,750
8,751,174
3.82
%
,
07/31/26
...................
5,650
5,650,546
National
Bank
of
Kuwait,
New
York
,
4.05
%
,
01/25/27
...................
5,325
5,327,090
Natixis
SA,
New
York
,
4.43
%
,
05/13/26
......
4,460
4,466,525
Standard
Chartered
Bank,
New
York
,
(1-day
SOFR
+
0.42%),
4.07
%
,
02/05/27
(a)
......
3,400
3,400,562
Svenska
Handelsbanken
AB,
New
York
,
(1-day
SOFR
+
0.40%),
4.04
%
,
04/22/26
(a)
......
3,500
3,502,155
Toronto-Dominion
Bank
(The),
New
York
(a)
(1-day
SOFR
+
0.30%),
3.94
%
,
03/20/26
...
4,710
4,711,405
2026
BlackRock
Semi-Annual
Financial
Statements
and
Additional
Information
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2026
BlackRock
Short
Obligations
Fund
6
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Yankee
(continued)
(1-day
SOFR
+
0.35%),
3.99
%
,
06/04/26
...
USD
8,720
$
8,724,854
Westpac
Banking
Corp.,
New
York
,
3.89
%
,
08/12/26
...................
3,750
3,751,565
151,854,268
Total
Certificates
of
Deposit
-
14
.6
%
(Cost:
$
155,545,000
)
..............................
155,663,867
Commercial
Paper
-
24.8%
American
Honda
Finance
Corp.
(e)
3.96
%
,
03/09/26
...................
2,500
2,489,807
3.86
%
,
04/10/26
...................
3,935
3,905,134
ANZ
New
Zealand
International
Ltd.
(b)(e)
4.41
%
,
02/17/26
...................
2,190
2,185,982
4.14
%
,
06/04/26
...................
9,950
9,821,652
Australia
&
New
Zealand
Banking
Group
Ltd.
(1-day
SOFR
+
0.28%),
3.93
%
,
05/11/26
(a)
(b)
.
6,660
6,662,499
Bank
of
New
Zealand
,
3.99
%
,
08/12/26
(b)
(e)
....
2,000
1,960,604
BofA
Securities,
Inc.
,
4.02
%
,
06/05/26
(b)
(e)
.....
4,750
4,687,656
Brookfield
Corporate
Treasury
Ltd.
,
4.03
%
,
03/26/26
(b)
(e)
......................
2,730
2,713,588
Brookfield
Renewable
Partners
LP
(b)(e)
4.02
%
,
03/05/26
...................
4,320
4,304,235
4.03
%
,
03/06/26
...................
520
518,046
Bunge
Ltd.
Finance
Corp.
,
3.87
%
,
03/09/26
(b)
(e)
.
2,135
2,126,215
Citigroup
Global
Markets,
Inc.
,
4.41
%
,
02/10/26
(b)
(e)
......................
2,260
2,257,468
Credit
Agricole
Corporate
&
Investment
Bank
,
4.40
%
,
02/20/26
(e)
..................
3,010
3,003,639
Danske
Bank
A/S
,
4.42
%
,
05/15/26
(b)
(e)
......
8,120
8,031,602
DNB
Bank
ASA
(b)(e)
4.20
%
,
05/01/26
...................
4,485
4,443,549
3.72
%
,
10/05/26
...................
3,000
2,924,989
Extra
Space
Storage
LP
(b)(e)
3.86
%
,
03/11/26
...................
4,000
3,982,800
3.86
%
,
03/12/26
...................
2,040
2,031,011
Glencore
Funding
LLC
(b)(e)
3.92
%
,
02/17/26
...................
7,750
7,734,852
3.89
%
,
03/04/26
...................
4,430
4,414,033
Helvetica
Funding
Co.
LLC
,
3.86
%
,
04/28/26
(b)
(e)
5,000
4,954,411
HSBC
Bank
plc
(1-day
SOFR
+
0.30%),
3.94
%
,
02/24/26
(a)
(b)
......................
2,000
2,000,280
HSBC
USA,
Inc.
(b)(e)
4.84
%
,
02/03/26
...................
7,800
7,796,728
4.61
%
,
05/19/26
...................
9,730
9,617,407
3.87
%
,
12/23/26
...................
2,680
2,588,615
Intrepid
Funding
Co.
LLC
,
4.47
%
,
04/30/26
(b)
(e)
.
6,780
6,716,776
Lloyds
Bank
plc
,
3.95
%
,
07/02/26
(e)
.........
15,160
14,921,351
Security
Par
(000)
Par
(000)
Value
Commercial
Paper
(continued)
Macquarie
Group
Ltd.
(b)(e)
3.94
%
,
04/08/26
...................
USD
9,275
$
9,207,223
3.98
%
,
05/04/26
...................
9,660
9,562,529
Marubeni
Finance
America
LLC
,
3.91
%
,
02/25/26
(b)
(e)
......................
1,465
1,460,875
MUFG
Bank
Ltd.
,
4.02
%
,
06/02/26
(e)
........
3,810
3,761,657
National
Bank
of
Canada
,
4.39
%
,
07/29/26
(b)
(e)
.
4,080
4,005,132
National
Bank
of
Kuwait
,
3.94
%
,
03/30/26
(b)
(e)
..
12,000
11,926,054
NextEra
Energy
Capital
Holdings,
Inc.
,
3.83
%
,
03/05/26
(b)
(e)
......................
5,500
5,479,929
NTT
Finance
Americas,
Inc.
,
3.89
%
,
02/25/26
(b)
(e)
3,320
3,310,799
Overwatch
Bravo
Funding
LLC
,
4.12
%
,
04/15/26
(b)
(e)
......................
3,000
2,976,688
Parker-Hannifin
Corp.
(b)(e)
3.92
%
,
02/17/26
...................
3,280
3,273,720
3.84
%
,
03/19/26
...................
3,250
3,233,351
Penske
Truck
Leasing
Co.
LP
,
4.07
%
,
02/02/26
(b)
(e)
......................
795
794,744
Pure
Grove
Funding
(b)(e)
4.33
%
,
02/04/26
...................
4,000
3,997,953
4.42
%
,
02/25/26
...................
6,400
6,382,779
3.98
%
,
09/10/26
...................
5,320
5,198,555
Reliance
Funding
Co.
LLC
(b)(e)
4.11
%
,
02/05/26
...................
8,210
8,204,955
3.84
%
,
04/21/26
...................
3,950
3,916,583
Salisbury
Receivables
Co.
LLC
,
4.00
%
,
06/04/26
(b)
(e)
......................
2,710
2,674,933
Standard
Chartered
Bank
,
4.44
%
,
05/21/26
(b)
(e)
.
9,370
9,259,500
Telstra
Group
Ltd.
,
3.87
%
,
04/30/26
(b)
(e)
......
3,430
3,396,000
Union
Electric
Co.
,
3.75
%
,
02/02/26
(e)
.......
5,000
4,998,443
UnitedHealth
Group,
Inc.
,
3.68
%
,
02/02/26
(b)
(e)
.
4,000
3,998,767
Verto
Capital
I
Compartment
A
,
4.11
%
,
02/11/26
(b)
(e)
......................
2,750
2,746,608
VW
Credit,
Inc.
(b)(e)
4.36
%
,
03/20/26
...................
5,860
5,829,103
3.90
%
,
05/12/26
...................
2,250
2,225,373
4.26
%
,
07/01/26
...................
3,070
3,020,113
Western
Union
Co.
(The)
,
3.78
%
,
02/06/26
(b)
(e)
.
4,000
3,997,076
Westpac
Banking
Corp.
,
3.73
%
,
09/08/26
(b)
(e)
..
6,000
5,864,677
Total
Commercial
Paper
-
24
.8
%
(Cost:
$
263,435,616
)
..............................
263,499,048
Total
Repurchase
Agreements
-
11
.2
%
(Cost:
$
119,720,000
)
..............................
119,720,000
Total
Short-Term
Securities
-
50.6%
(Cost:
$
538,700,616
)
..............................
538,882,915
Total
Investments
-
100
.1
%
(Cost:
$
1,063,839,964
)
............................
1,066,415,539
Liabilities
in
Excess
of
Other
Assets
-
(
0.1
)
%
.............
(
738,985
)
Net
Assets
-
100.0%
...............................
$
1,065,676,554
(a)
Variable
rate
security.
Interest
rate
resets
periodically.
The
rate
shown
is
the
effective
interest
rate
as
of
period
end.
Security
description
also
includes
the
reference
rate
and
spread
if
published
and
available.
(b)
Security
exempt
from
registration
pursuant
to
Rule
144A
under
the
Securities
Act
of
1933,
as
amended.
These
securities
may
be
resold
in
transactions
exempt
from
registration
to
qualified
institutional
investors.
(c)
Variable
rate
security.
Rate
as
of
period
end
and
maturity
is
the
date
the
principal
owed
can
be
recovered
through
demand.
(d)
Issuer
is
a
U.S.
branch
of
a
foreign
domiciled
bank.
(e)
Rates
are
the
current
rate
or
a
range
of
current
rates
as
of
period
end.
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2026
BlackRock
Short
Obligations
Fund
Schedule
of
Investments
7
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the six
months
ended
January
31,
2026
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Affiliated
Issuer
Value
at
07/31/25
Purchases
at
Cost
Proceeds
from
Sales
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
01/31/26
Shares
Held
at
01/31/26
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class
(a)
$
372,041
$
-
$
(
372,041
)
(b)
$
-
$
-
$
-
-
$
11,229
$
-
-
-
(a)
As
of
period
end,
the
entity
is
no
longer
held.
(b)
Represents
net
amount
purchased
(sold).
For
purposes
of
this
report,
industry
and
sector
sub-classifications
may
differ
from
those
utilized
by
the
Fund
for
compliance
purposes.
2026
BlackRock
Semi-Annual
Financial
Statements
and
Additional
Information
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2026
BlackRock
Short
Obligations
Fund
8
Repurchase
Agreements
Repurchase
Agreements
Collateral
Counterparty
Coupon
Rate
Purchase
Date
Maturity
Date
Par
(000)
A
t
Value
Proceeds
Including
Interest
Position
Original
Par
Position
Received,
At
Value
Bank
of
America
Securities,
Inc.
...
3
.92
%
(a)
01/30/26
03/09/26
$
12,250
$
12,250,000
$
12,300,688
Corporate/Debt
Obligations,
5.87%
to
8.10%,
due
07/15/39
to
08/26/69
.........
$
16,693,094
$
13,107,500
-
-
BNP
Paribas
SA
....
4
.02
(a)
01/30/26
05/08/26
8,250
8,250,000
8,340,283
Corporate/Debt
Obligations,
5.75%
to
7.88%,
due
05/01/29
to
06/22/30
.........
11,193,000
9,479,032
-
-
Citigroup
Global
Markets,
Inc.
...........
3
.96
(a)
01/30/26
04/05/26
13,000
13,000,000
13,092,950
Corporate/Debt
Obligation,
5.51%,
due
05/21/40
.........
13,972,000
13,910,353
3
.98
(a)
01/30/26
05/05/26
6,000
6,000,000
6,063,017
Corporate/Debt
Obligations,
0.47%
to
6.44%,
due
02/25/55
to
12/25/66
.........
646,551,898
6,420,000
-
-
$
19,000,000
$
20,330,353
-
-
Deutsche
Bank
Securities,
Inc.
...
4
.08
(a)
01/30/26
04/08/26
3,500
3,500,000
3,526,973
Corporate/Debt
Obligations,
0.00%
to
8.00%,
due
06/30/27
to
12/15/36
.........
113,432,115
4,223,109
-
-
Goldman
Sachs
&
Co.
LLC
...........
4
.17
(a)
01/30/26
09/05/26
20,000
20,000,000
20,505,033
Corporate/Debt
Obligations,
0.00%
to
8.75%,
due
01/15/27
to
06/25/65
.........
758,637,836
21,752,606
-
-
JP
Morgan
Securities
LLC
...........
3
.88
(a)
01/30/26
02/09/26
6,220
6,220,000
6,226,704
Corporate/Debt
Obligation,
4.63%,
due
08/15/30
.........
5,843,000
6,966,763
-
-
Mizuho
Securities
USA
LLC
...........
4
.08
(a)
01/30/26
03/09/26
3,500
3,500,000
3,515,073
Corporate/Debt
Obligation,
5.17%,
due
04/20/38
.........
3,740,155
3,745,000
4
.18
(a)
01/30/26
05/04/26
19,000
19,000,000
19,207,374
Corporate/Debt
Obligation,
4.21%,
due
05/25/46
.........
31,312,291
21,850,000
-
-
$
22,500,000
$
25,595,000
-
-
Santander
US
Capital
Markets
LLC
.....
4
.10
(b)
01/30/26
02/02/26
15,500
15,500,000
15,505,296
U.S.
Government
Sponsored
Agency
Obligations,
3.95%
to
4.65%,
due
07/01/30
to
02/01/35
.........
15,757,136
15,810,001
-
-
Wells
Fargo
Securities
LLC
...........
4
.07
(a)
01/30/26
05/13/26
12,500
12,500,000
12,645,559
Corporate/Debt
Obligations,
3.24%
to
6.04%,
due
08/01/28
to
08/01/45
.........
22,164,000
13,375,079
-
-
$
119,720,000
$
130,639,443
-
-
(a)
Variable
rate
security.
Rate
as
of
period
end
and
maturity
is
the
date
the
principal
owed
can
be
recovered
through
demand.
(b)
Variable
rate
security.
Interest
rate
resets
periodically.
The
rate
shown
is
the
effective
interest
rate
as
of
period
end.
Security
description
also
includes
the
reference
rate
and
spread
if
published
and
available.
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2026
BlackRock
Short
Obligations
Fund
Schedule
of
Investments
9
Fair
Value
Hierarchy
as
of Period
End
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments
at
the
measurement
date.
For
a
description
of
the
input
levels
and
information
about
the
Fund's
policy
regarding
valuation
of
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
The
following
table
summarizes
the
Fund's
financial
instruments
categorized
in
the
fair
value
hierarchy.
The
breakdown
of
the
Fund's
financial
instruments
into
major
categories
is
disclosed
in
the Schedule
of
Investments
above.
See
notes
to
financial
statements.
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Asset-Backed
Securities
...................................
$
-
$
58,025,840
$
-
$
58,025,840
Corporate
Bonds
........................................
-
432,755,294
-
432,755,294
Foreign
Agency
Obligations
.................................
-
8,454,246
-
8,454,246
Municipal
Bonds
.........................................
-
3,571,477
-
3,571,477
U.S.
Treasury
Obligations
...................................
-
24,725,767
-
24,725,767
Short-Term
Securities
Certificates
of
Deposit
.....................................
-
155,663,867
-
155,663,867
Commercial
Paper
.......................................
-
263,499,048
-
263,499,048
Repurchase
Agreements
...................................
-
119,720,000
-
119,720,000
$
-
$
1,066,415,539
$
-
$
1,066,415,539
Statement
of
Assets
and
Liabilities
(unaudited)

January
31,
2026
2026
BlackRock
Semi-Annual
Financial
Statements
and
Additional
Information
10
See
notes
to
financial
statements.
BlackRock
Short
Obligations
Fund
ASSETS
Investments,
at
value
-
unaffiliated
(a)
........................................................................................
$
946,695,539
Cash
.............................................................................................................
995,123
Repurchase
agreements,
at
value
(b)
.........................................................................................
119,720,000
Receivables:
-
Capital
shares
sold
...................................................................................................
1,895,085
Interest
-
unaffiliated
.................................................................................................
5,746,756
From
the
Manager
...................................................................................................
169
Prepaid
e
xpenses
.....................................................................................................
92,658
Total
a
ssets
.........................................................................................................
1,075,145,330
LIABILITIES
Payables:
-
Investments
purchased
................................................................................................
4,285,000
Administration
fees
...................................................................................................
48,128
Capital
shares
redeemed
...............................................................................................
4,507,313
Income
dividend
distributions
............................................................................................
2,478
Interest
expense
....................................................................................................
543
Investment
advisory
fees
..............................................................................................
112,418
Trustees'
and
Officer's
fees
.............................................................................................
1,735
Other
affiliate
fees
...................................................................................................
3,289
Service
fees
.......................................................................................................
86,883
Other
accrued
expenses
...............................................................................................
420,989
Total
li
abilities
........................................................................................................
9,468,776
Commitments
and
contingent
liabilities
$
-
NET
ASSETS
........................................................................................................
$
1,065,676,554
NET
ASSETS
CONSIST
OF:
Paid-in
capital
........................................................................................................
$
1,074,886,919
Accumulated
loss
.....................................................................................................
(
9,210,365
)
NET
ASSETS
........................................................................................................
$
1,065,676,554
(a)
Investments,
at
cost
-
unaffiliated
.................................................................................
$
944,119,964
(b)
Repurchase
agreements,
at
cost
..................................................................................
$
119,720,000
Statement
of
Assets
and
Liabilities
(unaudited)
(continued)
January
31,
2026
11
Statement
of
Assets
and
Liabilities
See
notes
to
financial
statements.
BlackRock
Short
Obligations
Fund
NET
ASSET
VALUE
Institutional
Net
assets
.........................................................................................................
$
662,629,430
Shares
outstanding
...................................................................................................
65,664,572
Net
asset
value
.....................................................................................................
$
10.09
Shares
authorized
...................................................................................................
Unlimited
Par
value
.........................................................................................................
$
0.001
Investor
A
Net
assets
.........................................................................................................
$
384,194,315
Shares
outstanding
...................................................................................................
38,099,799
Net
asset
value
.....................................................................................................
$
10.08
Shares
authorized
...................................................................................................
Unlimited
Par
value
.........................................................................................................
$
0.001
Class
K
Net
assets
.........................................................................................................
$
18,852,809
Shares
outstanding
...................................................................................................
1,866,294
Net
asset
value
.....................................................................................................
$
10.10
Shares
authorized
...................................................................................................
Unlimited
Par
value
.........................................................................................................
$
0.001
Statement
of
Operations
(unaudited)

Six
Months
Ended
January
31,
2026
2026
BlackRock
Semi-Annual
Financial
Statements
and
Additional
Information
12
See
notes
to
financial
statements.
BlackRock
Short
Obligations
Fund
INVESTMENT
INCOME
Dividends
-
affiliated
.................................................................................................
$
11,229
Interest
-
unaffiliated
.................................................................................................
23,924,428
Total
investment
income
.................................................................................................
23,935,657
EXPENSES
Investment
advisory
..................................................................................................
1,325,433
Service
-
class
specific
...............................................................................................
500,145
Transfer
agent
-
class
specific
..........................................................................................
332,636
Administration
.....................................................................................................
218,126
Administration
-
class
specific
..........................................................................................
106,252
Professional
.......................................................................................................
63,077
Registration
.......................................................................................................
40,636
Printing
and
postage
.................................................................................................
24,789
Accounting
services
..................................................................................................
24,753
Custodian
.........................................................................................................
10,615
Trustees
and
Officer
..................................................................................................
7,694
Miscellaneous
......................................................................................................
18,437
Total
expenses
excluding
interest
expense
.....................................................................................
2,672,593
Interest
expense
....................................................................................................
3,243
Total
expenses
.......................................................................................................
2,675,836
Less:
-
Administration
fees
waived
by
the
Manager
-
class
specific
.......................................................................
(
41,989
)
Fees
waived
and/or
reimbursed
by
the
Manager
...............................................................................
(
665,834
)
Transfer
agent
fees
waived
and/or
reimbursed
by
the
Manager
-
class
specific
..........................................................
(
7,797
)
Total
expenses
after
fees
waived
and/or
reimbursed
..............................................................................
1,960,216
Net
investment
income
..................................................................................................
21,975,441
REALIZED
AND
UNREALIZED
GAIN
(LOSS)
$
1,281,016
Net
realized
gain
from
investments
........................................................................................
25,093
Net
change
in
unrealized
appreciation
on
investments
...........................................................................
1,255,923
Net
realized
and
unrealized
gain
...........................................................................................
1,281,016
NET
INCREASE
IN
NET
ASSETS
RESULTING
FROM
OPERATIONS
..................................................................
$
23,256,457
Statements
of
Changes
in
Net
Assets

13
Statements
of
Changes
in
Net
Assets
See
notes
to
financial
statements.
BlackRock
Short
Obligations
Fund
Six
Months
Ended
01/31/26
(unaudited)
Year
Ended
07/31/25
INCREASE
(DECREASE)
IN
NET
ASSETS
OPERATIONS
Net
investment
income
..............................................................................
$
21,975,441
$
52,083,990
Net
realized
gain
..................................................................................
25,093
298,672
Net
change
in
unrealized
appreciation
(depreciation)
..........................................................
1,255,923
1,312,107
Net
increase
in
net
assets
resulting
from
operations
.............................................................
23,256,457
53,694,769
DISTRIBUTIONS
TO
SHAREHOLDERS
(a)
Institutional
.....................................................................................
(
13,556,818
)
(
30,609,861
)
Investor
A
......................................................................................
(
8,012,360
)
(
20,740,292
)
Class
K
.......................................................................................
(
405,561
)
(
732,959
)
Decrease
in
net
assets
resulting
from
distributions
to
shareholders
...................................................
(21,974,739
)
(52,083,112
)
CAPITAL
SHARE
TRANSACTIONS
Net
decrease
in
net
assets
derived
from
capital
share
transactions
...................................................
(48,739,577
)
(21,741,326
)
NET
ASSETS
Total
decrease
in
net
assets
............................................................................
(
47,457,859
)
(
20,129,669
)
Beginning
of
period
..................................................................................
1,113,134,413
1,133,264,082
End
of
period
......................................................................................
$
1,065,676,554
$
1,113,134,413
(a)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
Financial
Highlights
(For
a
share
outstanding
throughout
each
period)
2026
BlackRock
Semi-Annual
Financial
Statements
and
Additional
Information
14
BlackRock
Short
Obligations
Fund
Institutional
Six
Months
Ended
01/31/26
(unaudited)
Year
Ended
07/31/25
Year
Ended
07/31/24
Year
Ended
07/31/23
Year
Ended
07/31/22
Year
Ended
07/31/21
Net
asset
value,
beginning
of
period
............
$
10.08
$
10.07
$
10.00
$
9.95
$
10.05
$
10.07
Net
investment
income
(a)
....................
0
.21
0
.46
0
.50
0
.32
0
.04
0
.04
Net
realized
and
unrealized
gain
(loss)
...........
0
.01
0
.01
0
.07
0
.07
(
0
.09
)
(
0
.02
)
Net
increase
(decrease)
from
investment
operations
...
0.22
0.47
0.57
0.39
(0.05
)
0.02
Distributions
from
net
investment
income
(b)
.......
(0.21
)
(0.46
)
(0.50
)
(0.34
)
(0.05
)
(0.04
)
Net
asset
value,
end
of
period
.................
$
10.09
$
10.08
$
10.07
$
10.00
$
9.95
$
10.05
Total
Return
(c)
Based
on
net
asset
value
.....................
2.24
%
(d)
4.77
%
5.80
%
3.96
%
(0.51
)%
0.20
%
Ratios
to
Average
Net
Assets
(e)
Total
expen
ses
............................
0.42
%
(f)
0.40
%
0.39
%
0.38
%
0.36
%
0.36
%
Total
expenses
after
fees
waived
and/or
reimbursed
...
0.29
%
(f)
0.29
%
0.27
%
0.28
%
0.26
%
0.26
%
Total
expenses
after
fees
waived
and/or
reimbursed
and
excluding
interest
expense
..................
0.29
%
(f)
0.28
%
0.27
%
0.28
%
0.26
%
0.26
%
Net
investment
income
......................
4.21
%
(f)
4.57
%
4.96
%
3.22
%
0.45
%
0.39
%
Supplemental
Data
Net
assets,
end
of
period
(000)
.................
$
662,629
$
686,354
$
620,183
$
700,104
$
1,382,186
$
2,037,769
Portfolio
turnover
rate
........................
29
%
59
%
34
%
18
%
36
%
67
%
(a)
Based
on
average
shares
outstanding.
(b)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(c)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(d)
Not
annualized.
(e)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(f)
Annualized.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
15
Financial
Highlights
BlackRock
Short
Obligations
Fund
Investor
A
Six
Months
Ended
01/31/26
(unaudited)
Year
Ended
07/31/25
Year
Ended
07/31/24
Year
Ended
07/31/23
Year
Ended
07/31/22
Year
Ended
07/31/21
Net
asset
value,
beginning
of
period
............
$
10.08
$
10.06
$
9.99
$
9.94
$
10.05
$
10.06
Net
investment
income
(a)
....................
0
.20
0
.44
0
.47
0
.30
0
.02
0
.02
Net
realized
and
unrealized
gain
(loss)
...........
0
.00
(b)
0
.02
0
.07
0
.07
(
0
.11
)
(
0
.01
)
Net
increase
(decrease)
from
investment
operations
...
0.20
0.46
0.54
0.37
(0.09
)
0.01
Distributions
from
net
investment
income
(c)
.......
(0.20
)
(0.44
)
(0.47
)
(0.32
)
(0.02
)
(0.02
)
Net
asset
value,
end
of
period
.................
$
10.08
$
10.08
$
10.06
$
9.99
$
9.94
$
10.05
Total
Return
(d)
Based
on
net
asset
value
.....................
2.03
%
(e)
4.65
%
5.56
%
3.73
%
(0.85
)%
0.06
%
Ratios
to
Average
Net
Assets
(f)
Total
expen
ses
............................
0.65
%
(g)
0.63
%
0.63
%
0.62
%
0.61
%
0.61
%
Total
expenses
after
fees
waived
and/or
reimbursed
...
0.50
%
(g)
0.50
%
0.50
%
0.50
%
0.50
%
0.50
%
Total
expenses
after
fees
waived
and/or
reimbursed
and
excluding
interest
expense
..................
0.50
%
(g)
0.50
%
0.50
%
0.50
%
0.50
%
0.50
%
Net
investment
income
......................
4.01
%
(g)
4.36
%
4.73
%
3.03
%
0.19
%
0.16
%
Supplemental
Data
Net
assets,
end
of
period
(000)
.................
$
384,194
$
408,842
$
495,953
$
605,942
$
1,029,382
$
2,008,368
Portfolio
turnover
rate
........................
29
%
59
%
34
%
18
%
36
%
67
%
(a)
Based
on
average
shares
outstanding.
(b)
Amount
is
less
than
$0.005
per
share.
(c)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(d)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(e)
Not
annualized.
(f)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(g)
Annualized.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2026
BlackRock
Semi-Annual
Financial
Statements
and
Additional
Information
16
BlackRock
Short
Obligations
Fund
Class
K
Six
Months
Ended
01/31/26
(unaudited)
Year
Ended
07/31/25
Year
Ended
07/31/24
Year
Ended
07/31/23
Year
Ended
07/31/22
Year
Ended
07/31/21
Net
asset
value,
beginning
of
period
............
$
10.08
$
10.08
$
10.01
$
9.96
$
10.07
$
10.08
Net
investment
income
(a)
....................
0
.22
0
.47
0
.50
0
.33
0
.04
0
.04
Net
realized
and
unrealized
gain
(loss)
...........
0
.02
0
.00
(b)
0
.07
0
.07
(
0
.10
)
(
0
.00
)
(c)
Net
increase
(decrease)
from
investment
operations
...
0.24
0.47
0.57
0.40
(0.06
)
0.04
Distributions
from
net
investment
income
(d)
.......
(0.22
)
(0.47
)
(0.50
)
(0.35
)
(0.05
)
(0.05
)
Net
asset
value,
end
of
period
.................
$
10.10
$
10.08
$
10.08
$
10.01
$
9.96
$
10.07
Total
Return
(e)
Based
on
net
asset
value
.....................
2.39
%
(f)
4.76
%
5.88
%
4.04
%
(0.55
)%
0.36
%
Ratios
to
Average
Net
Assets
(g)
Total
expen
ses
............................
0.35
%
(h)
0.34
%
0.35
%
0.33
%
0.32
%
0.31
%
Total
expenses
after
fees
waived
and/or
reimbursed
...
0.20
%
(h)
0.20
%
0.20
%
0.20
%
0.20
%
0.20
%
Total
expenses
after
fees
waived
and/or
reimbursed
and
excluding
interest
expense
..................
0.20
%
(h)
0.20
%
0.20
%
0.20
%
0.20
%
0.20
%
Net
investment
income
......................
4.30
%
(h)
4.66
%
5.02
%
3.27
%
0.39
%
0.41
%
Supplemental
Data
Net
assets,
end
of
period
(000)
.................
$
18,853
$
17,938
$
17,128
$
29,627
$
54,203
$
537,512
Portfolio
turnover
rate
........................
29
%
59
%
34
%
18
%
36
%
67
%
(a)
Based
on
average
shares
outstanding.
(b)
Amount
is
less
than
$0.005
per
share.
(c)
Amount
is
greater
than
$(0.005)
per
share.
(d)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(e)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(f)
Not
annualized.
(g)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(h)
Annualized.
See
notes
to
financial
statements.
Notes
to
Financial
Statements
(unaudited)
17
Notes
to
Financial
Statements
1.
ORGANIZATION
BlackRock
Funds
SM
(the
"Trust")
is
registered
under
the
Investment
Company
Act
of
1940,
as
amended
(the
"1940
Act"),
as
an
open-end
management
investment
company.
The Trust
is
organized
as
a Massachusetts
business trust.
BlackRock
Short
Obligations
Fund
(the
"Fund")
is
a
series
of
the
Trust.
The
Fund
is
classified
as
a diversified fund
under
the
1940
Act.
The
Fund
offers
multiple
classes
of
shares.
All
classes
of
shares
have
identical
voting,
dividend,
liquidation
and
other
rights
and
are
subject
to
the
same
terms
and
conditions,
except
that
certain
classes
bear
expenses
related
to
the
shareholder
servicing
and
distribution
of
such
shares.
Institutional
and
Class
K
Shares
are
sold
only
to
certain
eligible
investors.
Investor
A
Shares
bear
certain
expenses
related
to
shareholder
servicing
of
such
shares.
Investor
A
Shares
are
generally
available
through
financial
intermediaries.
Each
class
has
exclusive
voting
rights
with
respect
to
matters
relating
to
its
shareholder
servicing
and
distribution
expenditures.
(a)
Investor
A
Shares
may
be
subject
to
a
CDSC
upon
redemption
of
shares
received
in
an
exchange
transaction
for
Investor A
Shares
of
a
fund
advised
by
BlackRock
Advisors,
LLC
(the
"Manager")
or
its
affiliates
where
no
initial
sales
charge
was
paid
at
the
time
of
purchase
of
such
fund.
The
Fund,
together
with
certain
other
registered
investment
companies
advised
by
the
Manager or
its
affiliates,
is
included
in
a
complex
of
funds referred
to
as
the
BlackRock
Multi-Asset
Complex.
2.
SIGNIFICANT
ACCOUNTING
POLICIES
The
financial
statements
are
prepared
in
conformity
with
accounting
principles
generally
accepted
in
the
United
States
of
America
("U.S.
GAAP"),
which
may
require
management
to
make
estimates
and
assumptions
that
affect
the
reported
amounts
of
assets
and
liabilities
in
the
financial
statements,
disclosure
of
contingent
assets
and
liabilities
at
the
date
of
the
financial
statements
and
the
reported
amounts
of
increases
and
decreases
in
net
assets
from
operations
during
the
reporting
period.
Actual
results
could
differ
from
those
estimates.
The
Fund
is
considered
an
investment
company
under
U.S.
GAAP
and
follows
the
accounting
and
reporting
guidance
applicable
to
investment
companies.
Below
is
a
summary
of
significant
accounting
policies:
Investment
Transactions
and
Income
Recognition:
For
financial
reporting
purposes,
investment
transactions
are
recorded
on
the
dates
the
transactions
are
executed.
Realized
gains
and
losses
on
investment
transactions
are
determined
using
the
specific
identification
method.
Dividend
income
and
capital
gain
distributions,
if
any,
are
recorded
on
the
ex-dividend
dates.
Non-cash
dividends,
if
any,
are
recorded
on
the
ex-dividend
dates
at
fair
value.
Interest
income,
including
amortization
and
accretion
of
premiums
and
discounts
on
debt
securities,
is
recognized
daily
on
an
accrual
basis.
Income,
expenses
and
realized
and
unrealized
gains
and
losses
are
allocated
daily
to
each
class
based
on
its
relative
net
assets.
Cash:
The
Fund
may
maintain
cash
at its
custodian
which,
at
times
may
exceed
United
States
federally
insured
limits.
The
Fund
may,
at
times,
have
outstanding
cash
disbursements
that
exceed
deposited
cash
amounts
at
the
custodian
during
the
reporting
period.
The
Fund is
obligated
to
repay
the
custodian
for
any
overdraft,
including
any
related
costs
or
expenses,
where
applicable.
For
financial
reporting
purposes,
overdraft
fees,
if
any,
are
included
in
interest
expense
in
the
Statement
of
Operations.
Distributions:
Distributions
from
net
investment
income
are
declared daily
and
paid
monthly.
Distributions
of
capital
gains
are
recorded
on
the
ex-dividend
dates
and
made
at
least
annually.
The
character
and
timing
of
distributions
are
determined
in
accordance
with
U.S.
federal
income
tax
regulations,
which
may
differ
from
U.S.
GAAP.
Indemnifications:
In
the
normal
course
of
business,
the
Fund
enters
into
contracts
that
contain
a
variety
of
representations
that
provide
general
indemnification.
The
Fund's
maximum
exposure
under
these
arrangements
is
unknown
because
it
involves
future
potential
claims
against
the
Fund,
which
cannot
be
predicted
with
any
certainty.
Other:
Expenses
directly
related
to the
Fund
or
its
classes
are
charged
to
the
Fund
or
the
applicable
class.
Expenses
directly
related
to
the
Fund
and
other
shared
expenses
prorated
to
the
Fund
are
allocated
daily
to
each
class
based
on
its
relative
net
assets
or
other
appropriate
methods.
Other
operating
expenses
shared
by
several
funds,
including
other
funds
managed
by
the
Manager,
are
prorated
among
those
funds
on
the
basis
of
relative
net
assets
or
other
appropriate
methods.
Segment
Reporting:
The
Chief
Financial
Officer
acts
as
the
Fund's
Chief
Operating
Decision
Maker
("CODM")
and
is
responsible
for
assessing
performance
and
allocating
resources
with
respect
to
the
Fund.
The
CODM
has
concluded
that
the
Fund
operates
as
a
single
operating
segment
since
the
Fund
has
a
single
investment
strategy
as
disclosed
in
its
prospectus,
against
which
the
CODM
assesses
performance.
The
financial
information
provided
to
and
reviewed
by
the
CODM
is
presented
within
the
Fund's
financial
statements.
3.
INVESTMENT
VALUATION
AND
FAIR
VALUE
MEASUREMENTS
Investment
Valuation
Policies:
The
Fund's
investments
are
valued
at
fair
value
(also
referred
to
as
"market
value"
within
the
financial
statements)
each
day
that
the
Fund
is
open
for
business
and,
for
financial
reporting
purposes,
as
of
the
report
date.
U.S.
GAAP
defines
fair
value
as
the
price
a
fund
would
receive
to
sell
an
asset
or
pay
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
at
the
measurement
date.
The
Board
of
Trustees
of
the
Trust
(the
"Board")
has
approved
the
designation
of
the
Fund's
Manager
as
the
valuation
designee
for
the
Fund.
The
Fund
determines
the
fair
values
of
its
financial
instruments
using
various
independent
dealers
or
pricing
services
under
the
Manager's
policies.
If
a
security's
market
price
is
not
readily
available
or
does
not
otherwise
accurately
represent
the
fair
value
of
the
security,
the
security
will
be
valued
in
accordance
with
the
Manager's
policies
and
procedures
as
reflecting
fair
value.
The
Manager
has
formed
a
committee
(the
"Valuation
Committee")
to
develop
pricing
policies
and
procedures
and
to
oversee
the
pricing
function
for
all
financial
instruments,
with
assistance
from
other
BlackRock
pricing
committees.
Share
Class
Initial
Sales
Charge
Contingent
Deferred
Sales
Charge
("CDSC")
Conversion
Privilege
Institutional
Shares
...........................................
No
No
None
Investor
A
Shares
............................................
No
No
(a)
None
Class
K
Shares
.............................................
No
No
None
Notes
to
Financial
Statements
(unaudited)
(continued)
2026
BlackRock
Semi-Annual
Financial
Statements
and
Additional
Information
18
Fair
Value
Inputs
and
Methodologies:
The
following
methods
and
inputs
are
used
to
establish
the
fair
value
of
the
Fund's
assets
and
liabilities:
Fixed-income investments
and
certain
derivative
instruments for
which
market
quotations
are
readily
available
are
generally
valued
using
the
last
available
bid
price provided
by
independent
dealers
or
third-party
pricing
services. Pricing
services
generally
value
fixed-income
securities
assuming
orderly
transactions
of
an
institutional
round
lot
size,
but
a
fund
may
hold
or
transact
in
such
securities
in
smaller,
odd
lot
sizes.
Odd
lots
of
securities
in
certain
asset
classes
may
trade
at
lower
prices
than
institutional
round
lots,
and
the
value
ultimately
realized
when
the
securities
are
sold
could
differ
from
the
prices
used
by
a
fund.
The
pricing
services
may
use
matrix
pricing
or
valuation
models
that
utilize
certain
inputs
and
assumptions
to
derive
values,
including
transaction
data
(e.g.,
recent
representative
bids
and
offers),
market
data, credit
quality
information,
perceived
market
movements,
news,
and
other
relevant
information.
Certain
fixed-income
securities,
including
asset-
backed
and
mortgage
related
securities
may
be
valued
based
on
valuation
models
that
consider
the
estimated
cash
flows
of
each
tranche
of
the
entity,
establish
a
benchmark
yield
and
develop
an
estimated
tranche
specific
spread
to
the
benchmark
yield
based
on
the
unique
attributes
of
the
tranche.
The
amortized
cost
method
of
valuation
may
be
used
with
respect
to
debt
obligations
with
sixty
days
or
less
remaining
to
maturity
unless
the
Manager
determines
such
method
does
not
represent
fair
value.
Investments
in
open-end
U.S.
mutual
funds
(including
money
market
funds) are
valued
at
that
day's
net
asset
value
("NAV").
Repurchase
agreements
are
valued
at
amortized
cost,
which
approximates
market
value.
If
events
(e.g.,
market
volatility,
company
announcement or
a
natural
disaster)
occur
that
are
expected
to
materially
affect
the
value
of
such
investment,
or
in
the
event
that application
of
these
methods
of
valuation
results
in
a
price
for
an
investment
that
is
deemed
not
to
be
representative
of
the
market
value
of
such
investment,
or
if
a
price
is
not
available,
the
investment
will
be
valued
by
the
Valuation
Committee
in
accordance
with the
Manager's policies
and
procedures
as
reflecting
fair
value
("Fair
Valued
Investments").
The
fair
valuation
approaches
that
may
be
used
by
the
Valuation
Committee include
market
approach,
income
approach
and
cost
approach.
Valuation
techniques
such
as
discounted
cash
flow,
use
of
market
comparables
and
matrix
pricing
are
types
of
valuation
approaches
and
are
typically
used
in
determining
fair
value.
When
determining
the
price
for
Fair
Valued
Investments,
the
Valuation
Committee
seeks
to
determine
the
price
that
the
Fund
might
reasonably
expect
to
receive
or
pay
from
the
current
sale
or
purchase
of
that
asset
or
liability
in
an
arm's-length
transaction.
Fair
value
determinations
shall
be
based
upon
all
available
factors
that
the
Valuation
Committee
deems
relevant
and
consistent
with
the
principles
of
fair
value
measurement
as
of
the
measurement
date.
Fair
Value
Hierarchy:
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments
at
the
measurement
date.
These
inputs
to
valuation
techniques
are
categorized
into
a
fair
value
hierarchy
consisting
of
three
broad
levels
for
financial reporting purposes
as
follows:
Level
1
-
Unadjusted
price
quotations
in
active
markets/exchanges
that
the
Fund
has
the
ability
to
access
for
identical
assets
or
liabilities;
Level
2
-
Inputs
other
than
quoted
prices
included
within
Level
1
that
are
observable
for
the
asset
or
liability,
either
directly
or
indirectly;
and
Level
3 -
Inputs
that
are
unobservable
and
significant
to
the
entire
fair
value
measurement
for the
asset
or
liability
(including
the
Valuation
Committee's
assumptions
used
in
determining
the
fair
value
of
financial
instruments).
The
hierarchy
gives
the
highest
priority
to
unadjusted
quoted
prices
in
active
markets
for
identical
assets
or
liabilities
(Level
1
measurements)
and
the
lowest
priority
to
unobservable
inputs
(Level
3
measurements).
Accordingly,
the
degree
of
judgment
exercised
in
determining
fair
value
is
greatest
for
instruments
categorized
in
Level
3.
The
inputs
used
to
measure
fair
value
may
fall
into
different
levels
of
the
fair
value
hierarchy.
In
such
cases,
for
disclosure
purposes,
the
fair
value
hierarchy
classification
is
determined
based
on
the
lowest
level
input
that
is
significant
to
the
fair
value
measurement
in
its
entirety. Investments
classified
within
Level
3
have
significant
unobservable
inputs
used
by
the
Valuation
Committee
in
determining
the
price
for
Fair
Valued
Investments.
Level
3
investments
include
equity
or
debt
issued
by
privately
held
companies
or
funds
that
may
not
have
a
secondary
market
and/or
may
have
a
limited
number
of
investors.
The
categorization
of
a
value
determined
for
financial
instruments
is
based
on
the
pricing
transparency
of
the financial
instruments
and
is
not
necessarily
an
indication
of
the
risks
associated
with
investing
in
those
securities.
4.
SECURITIES
AND
OTHER
INVESTMENTS
Asset-Backed
and
Mortgage-Backed
Securities:
Asset-backed
securities
are
generally
issued
as
pass-through
certificates
or
as
debt
instruments.
Asset-backed
securities
issued
as
pass-through
certificates
represent
undivided
fractional
ownership
interests
in
an
underlying
pool
of
assets.
Asset-backed
securities
issued
as
debt
instruments,
which
are
also
known
as
collateralized
obligations,
are
typically
issued
as
the
debt
of
a
special
purpose
entity
organized
solely
for
the
purpose
of
owning
such
assets
and
issuing
such
debt.
Asset-backed
securities
are
often
backed
by
a
pool
of
assets
representing
the
obligations
of
a
number
of
different
parties.
The
yield
characteristics
of
certain
asset-backed
securities
may
differ
from
traditional
debt
securities.
One
such
major
difference
is
that
all
or
a
principal
part
of
the
obligations
may
be
prepaid
at
any
time
because
the
underlying
assets
(i.e.,
loans)
may
be
prepaid
at
any
time.
As
a
result,
a
decrease
in
interest
rates
in
the
market
may
result
in
increases
in
the
level
of
prepayments
as
borrowers,
particularly
mortgagors,
refinance
and
repay
their
loans.
An
increased
prepayment
rate
with
respect
to
an
asset-backed
security
will
have
the
effect
of
shortening
the
maturity
of
the
security.
In
addition,
a
fund
may
subsequently
have
to
reinvest
the
proceeds
at
lower
interest
rates.
If
a
fund
has
purchased
such
an
asset-backed
security
at
a
premium,
a
faster
than
anticipated
prepayment
rate
could
result
in
a
loss
of
principal
to
the
extent
of
the
premium
paid.
For
mortgage
pass-through
securities
(the
"Mortgage
Assets")
there
are
a
number
of
important
differences
among
the
agencies
and
instrumentalities
of
the
U.S.
Government
that
issue
mortgage-related
securities
and
among
the
securities
that
they
issue.
For
example,
mortgage-related
securities
guaranteed
by
Ginnie
Mae
are
guaranteed
as
to
the
timely
payment
of
principal
and
interest
by
Ginnie
Mae
and
such
guarantee
is
backed
by
the
full
faith
and
credit
of
the
United
States.
However,
mortgage-related
securities
issued
by
Freddie
Mac
and
Fannie
Mae,
including
Freddie
Mac
and
Fannie
Mae
guaranteed
mortgage
pass-through
certificates,
which
are
solely
the
obligations
of
Freddie
Mac
and
Fannie
Mae,
are
not
backed
by
or
entitled
to
the
full
faith
and
credit
of
the
United
States,
but
are
supported
by
the
right
of
the
issuer
to
borrow
from
the
U.S.
Treasury.
Non-agency
mortgage-backed
securities
are
securities
issued
by
non-governmental
issuers
and
have
no
direct
or
indirect
government
guarantees
of
payment
and
are
subject
to
various
risks.
Non-agency
mortgage
loans
are
obligations
of
the
borrowers
thereunder
only
and
are
not
typically
insured
or
guaranteed
by
any
other
person
or
entity.
The
ability
of
a
borrower
to
repay
a
loan
is
dependent
upon
the
income
or
assets
of
the
borrower.
A
number
of
factors,
including
a
general
economic
downturn,
acts
of
God,
terrorism,
social
unrest
and
civil
disturbances,
may
impair
a
borrower's
ability
to
repay
its
loans.
Notes
to
Financial
Statements
(unaudited)
(continued)
19
Notes
to
Financial
Statements
Repurchase
Agreements:
Repurchase
agreements
are
commitments
to
purchase
a
security
from
a
counterparty
who
agrees
to
repurchase
the
same
security
at
a
mutually
agreed
upon
date
and
price.
On
a
daily
basis,
the
counterparty
is
required
to
maintain
collateral
subject
to
the
agreement
and
in
value
no
less
than
the
agreed
upon
repurchase
amount.
Repurchase
agreements
may
be
traded
bilaterally,
in
a
tri-party
arrangement
or
may
be
centrally
cleared
through
a
sponsoring
agent.
Subject
to
the
custodial
undertaking
associated
with
a
tri-party
repurchase
arrangement
and
for
centrally
cleared
repurchase
agreements,
a
third-party
custodian
maintains
accounts
to
hold
collateral
for a
fund
and
its
counterparties.
Typically,
a
fund
and
counterparty
are
not
permitted
to
sell,
re-pledge
or
use
the
collateral
absent
a
default
by
the
counterparty
or the
fund,
respectively.
In
the
event
the
counterparty
defaults
and
the
fair
value
of
the
collateral
declines, a
fund
could
experience
losses,
delays
and
costs
in
liquidating
the
collateral.
Repurchase
agreements
are
entered
into
by a
fund
under
Master
Repurchase
Agreements
(each,
an
"MRA").
The
MRA
permits the
fund,
under
certain
circumstances
including
an
event
of
default
(such
as
bankruptcy
or
insolvency),
to
offset
payables
and/or
receivables
with
collateral
held
by
and/or
posted
to
the
counterparty.
As
a
result,
one
single
net
payment
is
created.
Bankruptcy
or
insolvency
laws
of
a
particular
jurisdiction
may
impose
restrictions
on
or
prohibitions
against
such
a
right
of
offset
in
the
event
of
the
MRA
counterparty's
bankruptcy
or
insolvency.
Based
on
the
terms
of
the
MRA, the
fund
receives
collateral
with
a
market
value
in
excess
of
the
repurchase
price
at
maturity.
Upon
a
bankruptcy
or
insolvency
of
the
MRA
counterparty,
the
fund
would
recognize
a
liability
with
respect
to
such
excess
collateral.
The
liability
reflects
the
fund's
obligation
under
bankruptcy
law
to
return
the
excess
to
the
counterparty.
5.
INVESTMENT
ADVISORY
AGREEMENT
AND
OTHER
TRANSACTIONS
WITH
AFFILIATES
Investment
Advisory:
The
Trust,
on
behalf
of
the
Fund,
entered
into
an
Investment
Advisory
Agreement
with
the
Manager,
the
Fund's
investment
adviser
and
an
indirect,
majority-owned
subsidiary
of
BlackRock,
Inc.
("BlackRock"),
to
provide
investment
advisory
services.
The
Manager
is
responsible
for
the
management
of the
Fund's
portfolio
and
provides
the
personnel,
facilities,
equipment
and
certain
other
services
necessary
to
the
operations
of the
Fund.
For
such
services,
the
Fund
pays
the
Manager
a
monthly
fee
at
an
annual
rate
equal
to
the
following
percentages
of
the
average
daily
value
of
the
Fund's
net
assets:
The
Manager
entered
into
a
sub-advisory
agreement
with
BlackRock
International
Limited
("BIL"),
(the
"Sub-Adviser"),
an
affiliate
of
the
Manager.
The
Manager
pays
BIL
for
services
it
provides
for
that
portion
of
the
Fund
for
which
BIL
acts
as
sub-adviser,
a
monthly
fee
that
is
equal
to
a
percentage
of
the
investment
advisory
fees
paid
by
the
Fund
to
the
Manager.
Service
Fees:
The
Trust
,
on behalf
of
the
Fund,
entered
into
a
Distribution
Agreement
and
a Distribution
and
Service
Plan
with
BlackRock
Investments,
LLC
("BRIL"),
an
affiliate
of
the
Manager.
Pursuant
to
the
Distribution
and
Service
Plan
and
in
accordance
with
Rule
12b-1
under
the
1940
Act,
the
Fund
pays
BRIL
ongoing
service
fees.
The
fees
are
accrued
daily
and
paid
monthly
at
annual
rates
based
upon
the
average
daily
net
assets
of
the
relevant
share
class
of
the
Fund
as
follows:
BRIL
and
broker-dealers,
pursuant
to
sub-agreements
with
BRIL,
provide
shareholder
servicing
to
the
Fund.
The
ongoing
service
fee
compensates
BRIL
and
each
broker-
dealer
for
providing
shareholder
servicing
related
services
to
shareholders.
For
the six
months
ended
January
31,
2026,
the
class
specific
service
fees
borne
directly
by Investor
A Shares
of
the
Fund
were
$500,145.
Administration:
The
Trust,
on
behalf
of
the
Fund,
entered
into
an
Administration
Agreement
with
the
Manager,
an
indirect,
majority-owned
subsidiary
of
BlackRock,
to
provide
administrative
services.
For
these
services,
the
Manager
receives
an
administration
fee
computed
daily
and
payable
monthly,
based
on
a
percentage
of
the
average
daily
net
assets
of
the
Fund.
The
administration
fee,
which
is
shown
as
administration
in
the
Statement
of
Operations,
is
paid
at
the
annual
rates
below.
In
addition,
the
Manager
charges
each
of
the
share
classes
an
administration
fee,
which
is
shown
as
administration -
class
specific
in
the
Statement
of
Operations,
at
an
annual
rate
of
0.02% of
the
average
daily
net
assets
of
each
respective
class.
For
the
six
months
ended
January
31,
2026, the
following
table
shows
the
class
specific
administration
fees
borne
directly
by
each
share
class
of
the
Fund:
Transfer
Agent:
Pursuant
to
written
agreements,
certain
financial
intermediaries,
some
of
which
may
be
affiliates,
provide
the
Fund
with
sub-accounting,
recordkeeping,
sub-transfer
agency
and
other
administrative
services
with
respect
to
servicing
of
underlying
investor
accounts.
For
these
services,
these
entities
receive
an
asset-based
fee
Average
Daily
Net
Assets
Investment
Advisory
Fees
First
$1
billion
.........................................................................................................
0.25%
$1
billion
-
$3
billion
.....................................................................................................
0.24
$3
billion
-
$5
billion
.....................................................................................................
0.23
$5
billion
-
$10
billion
....................................................................................................
0.22
Greater
than
$10
billion
...................................................................................................
0.21
Share
Class
Service
Fees
Investor
A
..............................................................................................................
0
.25
%
Average
Daily
Net
Assets
Administration
Fees
First
$500
million
......................................................................................................
0.0425%
$500
million
-
$1
billion
..................................................................................................
0.0400
$1
billion
-
$2
billion
....................................................................................................
0.0375
$2
billion
-
$4
billion
....................................................................................................
0.0350
$4
billion
-
$13
billion
...................................................................................................
0.0325
Greater
than
$13
billion
..................................................................................................
0.0300
Institutional
Investor
A
Class
K
Total
Administration
fees
-
class
specific
.......................................................
$
64,353
$
40,012
$
1,887
$
106,252
Notes
to
Financial
Statements
(unaudited)
(continued)
2026
BlackRock
Semi-Annual
Financial
Statements
and
Additional
Information
20
or
an
annual
fee
per
shareholder
account,
which
will
vary
depending
on
share
class
and/or
net
assets.
For
the
six
months
ended
January
31,
2026
,
the
Fund
did
not
pay
any
amounts
to
affiliates
in
return
for
these
services.
The
Manager
maintains
a
call
center
that
is
responsible
for
providing
certain
shareholder
services
to
the
Fund.
Shareholder
services
include
responding
to
inquiries
and
processing
purchases
and
sales
based
upon
instructions
from
shareholders.
For
the six
months
ended
January
31,
2026,
the
Fund
reimbursed
the
Manager
the
following
amounts
for
costs
incurred
in
running
the
call
center,
which
are
included
in
transfer
agent
-
class
specific
in
the
Statement
of
Operations:
For
the
six
months ended
January
31,
2026,
the
following
table
shows
the
class
specific
transfer
agent
fees
borne
directly
by
each
share
class
of
the
Fund:
Expense
Limitations,
Waivers
and
Reimbursements:
The
Manager
contractually
agreed
to
waive
its
investment
advisory
fees
by
the
amount
of
investment
advisory
fees
the
Fund
pays
to
the
Manager
indirectly
through
its
investment
in
affiliated
money
market
funds
(the
"affiliated
money
market
fund
waiver")
through
June
30,
2027.
The
contractual
agreement
may
be
terminated
upon
90
days'
notice
by
a
majority
of
the
trustees
who
are
not
"interested
persons"
of
the
Trust,
as
defined
in
the
1940
Act
("Independent
Trustees")
,
or
by
a
vote
of
a
majority
of
the
outstanding
voting
securities
of
the
Fund.
The
amount
of
contractual
waivers
and/or
reimbursements
of
fees
and
expenses
made
pursuant
to
the
contractual
caps
on
net
expenses
described
below
will
be
reduced
by
the
amount
of
the
affiliated
money
market
fund
waiver.
This
amount
is
included
in
fees
waived
and/or
reimbursed
by
the
Manager
in
the
Statement
of
Operations.
For
the
six
months
ended
January
31,
2026
,
the
amount
waived
was
$
227
.
The
Manager
has
contractually
agreed
to
waive
its
investment
advisory
fee
with
respect
to
any
portion
of
the
Fund's
assets
invested
in
affiliated
equity
and
fixed-income mutual
funds
and
affiliated
exchange-traded
funds
that
have
a
contractual
management
fee
through
June
30,
2027.
The
contractual
agreement
may
be
terminated
upon
90
days'
notice
by
a
majority
of
the
Independent
Trustees,
or
by
a
vote
of
a
majority
of
the
outstanding
voting
securities
of
the
Fund.
For
the
six
months
ended
January
31,
2026,
there
were
no
fees
waived
by
the
Manager
pursuant
to
this
arrangement.
The
Manager
contractually
and/or
voluntarily
agreed
to
waive
and/or
reimburse
fees
or
expenses
in
order
to
limit
expenses,
excluding
interest
expense,
dividend
expense,
tax
expense,
acquired
fund
fees
and
expenses,
and
certain
other
fund
expenses,
which
constitute
extraordinary
expenses
not
incurred
in
the
ordinary
course
of
the
Fund's
business
("expense
limitation").
The
expense
limitations
as
a
percentage
of
average
daily
net
assets
are
as
follows:
For
the
six
months ended
January
31,
2026,
the
Manager
waived
and/or
reimbursed
investment
advisory
fees
of
$665,607 which
is
included
in
fees
waived
and/or
reimbursed
by
the
Manager
in
the
Statement
of
Operations.
In
addition,
these
amounts
waived
and/or
reimbursed
by
the
Manager are
included
in fees
waived
and/or
reimbursed
by
the
Manager,
administration
fees
waived
by
the
Manager
-
class
specific
and
transfer
agent
fees
waived
and/or
reimbursed
by
the
Manager-class
specific, respectively,
in
the
Statement
of
Operations.
For
the
six
months ended
January
31,
2026,
class
specific
expense
waivers
and/or
reimbursements were as
follows:
Trustees
and
Officers:
Certain
trustees
and/or
officers
of
the
Trust
are directors and/or
officers
of BlackRock
or
its
affiliates.
The
Fund
reimburses
the
Manager
for
a
portion
of
the
compensation
paid
to
the
Fund's
Chief
Compliance
Officer,
which
is
included
in
Trustees
and
Officer
in
the
Statement
of
Operations.
6.
PURCHASES
AND
SALES
For
the six
months ended
January
31,
2026,
purchases
and
sales
of
investments, excluding
short-term
investments,
were
as
follows:
Institutional
Investor
A
Total
Reimbursed
Amount
..............................................................................
$
531
$
3,794
$
4,325
Institutional
Investor
A
Class
K
Total
Transfer
agent
fees
-
class
specific
.......................................................
$
225,138
$
106,863
$
635
$
332,636
Contractual
(a)
Voluntary
(b)
Institutional
................................................................................................
0
.35
%
0
.30
%
Investor
A
.................................................................................................
0
.60
0
.50
Class
K
..................................................................................................
0
.30
0
.20
(a)
The
Manager
has
agreed
not
to
reduce
or
discontinue
this
contractual
waiver
or
reimbursement
through
June
30,
2027,
unless
approved
by
the
Board,
including
a
majority
of
the
Independent
Trustees,
or
by
a
vote
of
a
majority
of
the
outstanding
voting
securities
of
the
Fund.
(b)
The
voluntary
waiver
or
reimbursement
may
be
reduced
or
discontinued
at
any
time
without
notice.
Share
Class
Administration
Fees
Waived
by
the
Manager
-
Class
Specific
Transfer
Agent
Fees
Waived
and/or
Reimbursed
by
the
Manager
-
Class
Specific
Institutional
....................................................................................
$
206
$
-
Investor
A
.....................................................................................
39,896
7,162
Class
K
......................................................................................
1,887
635
$
41,989
$
7,797
U.S.
Government
Securities
Other
Securities
Fund
Name
Sales
Purchases
Sales
BlackRock
Short
Obligations
Fund
..........................................
$
9,100,932
$
169,285,680
$
169,499,325
Notes
to
Financial
Statements
(unaudited)
(continued)
21
Notes
to
Financial
Statements
7.
INCOME
TAX
INFORMATION
It
is
the
Fund's
policy
to
comply
with
the
requirements
of
the
Internal
Revenue
Code
of
1986,
as
amended,
applicable
to
regulated
investment
companies,
and
to
distribute
substantially
all
of
its
taxable
income
to
its
shareholders.
Therefore,
no
U.S.
federal
income
tax
provision
is
required.
The
Fund
files
U.S.
federal
and
various
state
and
local
tax
returns. No
income
tax
returns
are
currently
under
examination.
The
statute
of
limitations
on
the
Fund's
U.S.
federal
tax
returns
generally
remains
open
for
a
period
of
three
years
after
they
are
filed.
The
statutes
of
limitations
on
the
Fund's
state
and
local
tax
returns
may
remain
open
for
an
additional
year
depending
upon
the
jurisdiction.
Management
has
analyzed
tax
laws
and
regulations
and
their
application
to
the Fund
as
of
January
31,
2026,
inclusive
of
the
open
tax
return
years,
and
does
not
believe
that
there
are
any
uncertain
tax
positions
that
require
recognition
of
a
tax
liability
in
the
Fund's
financial
statements.
Management's
analysis
is
based
on
the
tax
laws
and
judicial
and
administrative
interpretations
thereof
in
effect
as
of
the
date
of
these
financial
statements,
all
of
which
are
subject
to
change,
possibly
with
retroactive
effect,
which
may
impact
the
Fund's
NAV.
As
of
July
31,
2025, the Fund
had
non-expiring
capital
loss
carryforwards
available
to
offset
future
realized
capital
gains of
$11,927,597.
As
of
January
31,
2026, gross
unrealized
appreciation
and
depreciation
based
on
cost
of
investments
(including
short
positions
and
derivatives,
if
any)
for
U.S.
federal
income
tax
purposes
were
as
follows:
8.
BANK
BORROWINGS
The
Trust,
on
behalf
of
the
Fund,
along
with
certain
other
funds
managed
by
the
Manager
and
its
affiliates
("Participating
Funds"), is
party
to
a
364-day,
$2.40
billion
credit
agreement
with
a
group
of
lenders.
Under
this
agreement,
the
Fund
may
borrow
to
fund
shareholder
redemptions.
Excluding
commitments
designated
for
certain
individual
funds,
the
Participating
Funds,
including
the
Fund,
can
borrow
up
to
an
aggregate
commitment
amount
of
$1.75
billion
at
any
time
outstanding,
subject
to
asset
coverage
and
other
limitations
as
specified
in
the
agreement.
The
credit
agreement
has
the
following
terms:
a
fee
of
0.10%
per
annum
on
unused
commitment
amounts
and
interest
at
a
rate
equal
to
the
higher
of
(a)
Overnight
Bank
Funding
Rate
("OBFR")
(but,
in
any
event,
not
less
than
0.00%)
on
the
date
the
loan
is
made
plus
0.80%
per
annum,
(b)
the
Fed
Funds
rate
(but,
in
any
event,
not
less
than
0.00%)
in
effect
from
time
to
time
plus
0.80%
per
annum
on
amounts
borrowed
or
(c)
the
sum
of
(x)
Daily
Simple
Secured
Overnight
Financing
Rate
("SOFR")
(but,
in
any
event,
not
less
than
0.00%)
on
the
date
the
loan
is
made
plus
0.10%
and
(y)
0.80%
per
annum. The
agreement
expires
in
April
2026
unless
extended
or
renewed. These
fees
were
allocated
among
such
funds
based
upon
portions
of
the
aggregate
commitment
available
to
them
and
relative
net
assets
of
Participating
Funds.
During
the
six
months ended
January
31,
2026,
the
Fund
did
not
borrow
under
the
credit
agreement.
9.
PRINCIPAL
RISKS
In
the
normal
course
of
business,
the
Fund
invests in
securities
or
other
instruments
and
may
enter
into
certain
transactions,
and
such
activities
subject
the
Fund
to
various
risks,
including
among
others,
fluctuations
in
the
market
(market
risk)
or
failure
of
an
issuer
to
meet
all
of
its
obligations.
The
value
of
securities
or
other
instruments
may
also
be
affected
by
various
factors,
including,
without
limitation:
(i)
the
general
economy;
(ii)
the
overall
market
as
well
as
local,
regional
or
global
political
and/or
social
instability;
(iii)
regulation,
taxation,
tariffs or
international
tax
treaties
between
various
countries;
or
(iv)
currency,
interest
rate
or
price
fluctuations.
Local,
regional
or
global
events
such
as
war,
acts
of
terrorism,
the
spread
of
infectious
illness
or
other
public
health
issues,
recessions,
or
other
events
could
have
a
significant
impact
on
the
Fund
and its
investments.
The
Fund's
prospectus
provides
details
of
the
risks
to
which
the
Fund
is
subject.
Market Risk:
The
Fund
may
be
exposed
to
prepayment
risk,
which
is
the
risk
that
borrowers
may
exercise
their
option
to
prepay
principal
earlier
than
scheduled
during
periods
of
declining
interest
rates,
which
would
force
the
Fund
to
reinvest
in
lower
yielding
securities. The
Fund
may
also
be
exposed
to
reinvestment
risk,
which
is
the
risk
that
income
from
the
Fund's
portfolio
will
decline
if
the Fund
invests
the
proceeds
from
matured,
traded
or
called
fixed-income
securities
at
market
interest
rates
that
are
below
the
Fund
portfolio's
current
earnings
rate.
Municipal
securities
are
subject
to
the
risk
that
litigation,
legislation
or
other
political
events,
local
business
or
economic
conditions,
credit
rating
downgrades,
or
the
bankruptcy
of
the
issuer
could
have
a
significant
effect
on
an
issuer's
ability
to
make
payments
of
principal
and/or
interest
or
otherwise
affect
the
value
of
such
securities.
Municipal
securities
can
be
significantly
affected
by
political
or
economic
changes,
including
changes
made
in
the
law
after
issuance
of
the
securities,
as
well
as
uncertainties
in
the
municipal
market
related
to,
taxation,
legislative
changes
or
the
rights
of
municipal
security
holders,
including
in
connection
with
an
issuer
insolvency.
Municipal
securities
backed
by
current
or
anticipated
revenues
from
a
specific
project
or
specific
assets
can
be
negatively
affected
by
the
discontinuance
of
the
tax
benefits
supporting
the
project
or
assets
or
the
inability
to
collect
revenues
for
the
project
or
from
the
assets.
Municipal
securities
may
be
less
liquid
than
taxable
bonds,
and
there
may
be
less
publicly
available
information
on
the
financial
condition
of
municipal
security
issuers
than
for
issuers
of
other
securities.
Counterparty
Credit
Risk:
The
Fund
may
be
exposed
to
counterparty
credit
risk,
or
the
risk
that
an
entity
may
fail
to
or
be
unable
to
perform
on
its
commitments
related
to
unsettled
or
open
transactions,
including
making
timely
interest
and/or
principal
payments
or
otherwise
honoring
its
obligations.
The
Fund
manages
counterparty
credit
risk
by
entering
into
transactions
only
with
counterparties
that
the
Manager
believes
have
the
financial
resources
to
honor
their
obligations
and
by
monitoring
the
financial
stability
of
those
counterparties.
Financial
assets,
which
potentially
expose
the
Fund
to
market,
issuer
and
counterparty
credit
risks,
consist
principally
of
financial
instruments
and
receivables
due
from
counterparties.
The
extent
of
the
Fund's
exposure
to
market,
issuer
and
counterparty
credit
risks
with
respect
to
these
financial
assets
is
approximately
their
value
recorded
in
the
Statement
of
Assets
and
Liabilities,
less
any
collateral
held
by
the
Fund.
Fund
Name
Tax
Cost
Gross
Unrealized
Appreciation
Gross
Unrealized
Depreciation
Net
Unrealized
Appreciation
(Depreciation)
BlackRock
Short
Obligations
Fund
......................................
$
1,063,839,964
$
2,603,742
$
(
28,167
)
$
2,575,575
Notes
to
Financial
Statements
(unaudited)
(continued)
2026
BlackRock
Semi-Annual
Financial
Statements
and
Additional
Information
22
Geographic/Asset
Class
Risk:
A
diversified
portfolio,
where
this
is appropriate
and
consistent
with
a
fund's
objectives,
minimizes
the
risk
that
a
price
change
of
a
particular
investment
will
have
a
material
impact
on
the
NAV
of
a
fund.
The
investment
concentrations
within
the
Fund's
portfolio
are
disclosed
in
its Schedule
of
Investments.
The
Fund invests
a
significant
portion
of
its
assets
in
securities
within
a
single
or
limited
number
of
market
sectors.
When
a
fund
concentrates
its
investments
in
this
manner,
it
assumes
the
risk
that
economic,
regulatory,
political
and
social
conditions
affecting
such
sectors
may
have
a
significant
impact
on
the
Fund
and
could
affect
the
income
from,
or
the
value
or
liquidity
of,
the
Fund's
portfolio.
Investment
percentages
in
specific
sectors
are
presented
in
the
Schedule
of
Investments.
The
Fund
invests
a
significant
portion
of
its
assets
in fixed-income securities and/or uses
derivatives tied
to
the
fixed-income
markets.
Changes
in
market
interest
rates
or
economic
conditions
may affect
the
value
and/or
liquidity
of
such investments.
Interest
rate
risk
is
the
risk
that
prices
of
bonds
and
other
fixed-income
securities
will
decrease
as
interest
rates
rise
and
increase
as
interest
rates
fall.
The
Fund
may
be
subject
to
a
greater
risk
of
rising
interest
rates
during
a
period
of
historically
low
interest
rates.
Changing
interest
rates
may
have
unpredictable
effects
on
markets,
may
result
in
heightened
market
volatility,
and
could
negatively
impact
the
Fund's
performance.
The
Fund
invests
a
significant
portion
of
its
assets
in
securities
of
issuers
located
in
the
United
States.
A
decrease
in
imports
or
exports,
changes
in
trade
regulations,
inflation
and/or
an
economic
recession
in
the
United
States
may
have
a
material
adverse
effect
on
the
U.S.
economy
and
the
securities
listed
on
U.S.
exchanges.
Proposed
and
adopted
policy
and
legislative
changes
in
the
United
States
may
also
have
a
significant
effect
on
U.S.
markets
generally,
as
well
as
on
the
value
of
certain
securities.
Governmental
agencies
project
that
the
United
States
will
continue
to
maintain
elevated
public
debt
levels
for
the
foreseeable
future
which
may
constrain
future
economic
growth.
Circumstances
could
arise
that
could
prevent
the
timely
payment
of
interest
or
principal
on
U.S.
government
debt,
such
as
reaching
the
legislative
"debt
ceiling."
Such
non-payment
would
result
in
substantial
negative
consequences
for
the
U.S.
economy
and
the
global
financial
system.
If
U.S.
relations
with
certain
countries
deteriorate,
it
could
adversely
affect
issuers
that
rely
on
the
United
States
for
trade.
The
United
States
has
also
experienced
increased
internal
unrest
and
discord.
If
these
trends
were
to
continue,
they
may
have
an
adverse
impact
on
the
U.S.
economy
and
the
issuers
in
which
the
Fund
invests.
Significant
Shareholder
Redemption
Risk:
Certain
shareholders
may
own
or
manage
a
substantial
amount
of
fund
shares
and/or
hold
their
fund
investments
for
a
limited
period
of
time.
Large
redemptions
of
fund
shares
by
these
shareholders
may
force
a
fund
to
sell
portfolio
securities,
which
may
negatively
impact
the
fund's
NAV,
increase
the
fund's
brokerage
costs,
and/or
accelerate
the
realization
of
taxable
income/gains
and
cause
the
fund
to
make
additional
taxable
distributions
to
shareholders.
10.
CAPITAL
SHARE
TRANSACTIONS
Transactions
in
capital
shares
for
each
class
were
as
follows:
11.
SUBSEQUENT
EVENTS
Management
has
evaluated
the
impact
of
all
subsequent
events
on
the
Fund
through
the
date
the
financial
statements
were
issued
and
has
determined
that
there
were
no
subsequent
events
requiring
adjustment
or
additional
disclosure
in
the
financial
statements.
Six
Months
Ended
01/31/26
Year
Ended
07/31/25
Fund
Name/Share
Class
Shares
Amount
Shares
Amount
BlackRock
Short
Obligations
Fund
Institutional
Shares
sold
.............................................
20,786,845
$
209,753,394
51,859,790
$
522,617,996
Shares
issued
in
reinvestment
of
distributions
........................
1,342,904
13,549,894
3,033,958
30,580,187
Shares
redeemed
.........................................
(
24,578,575
)
(
248,047,432
)
(
48,397,177
)
(
487,715,926
)
(
2,448,826
)
$
(
24,744,144
)
6,496,571
$
65,482,257
Investor
A
Shares
sold
.............................................
5,911,121
$
59,598,267
13,753,123
$
138,492,990
Shares
issued
in
reinvestment
of
distributions
........................
793,635
8,001,197
2,056,243
20,711,452
Shares
redeemed
.........................................
(
9,171,712
)
(
92,474,181
)
(
24,549,229
)
(
247,226,910
)
(
2,466,956
)
$
(
24,874,717
)
(
8,739,863
)
$
(
88,022,468
)
Class
K
Shares
sold
.............................................
336,641
$
3,400,652
636,053
$
6,414,089
Shares
issued
in
reinvestment
of
distributions
........................
40,149
405,505
68,486
691,087
Shares
redeemed
.........................................
(
289,776
)
(
2,926,873
)
(
625,007
)
(
6,306,291
)
87,014
$
879,284
79,532
$
798,885
(
4,828,768
)
$
(
48,739,577
)
(
2,163,760
)
$
(
21,741,326
)
Additional
Information
23
Additional
Information
Changes
in
and
Disagreements
with
Accountants
Not
applicable.
Proxy
Results
Not
applicable.
Remuneration
Paid
to
Trustees,
Officers,
and
Others
Compensation
to
the
independent
directors/trustees
of
the
Trust
is
paid
by
the
Trust,
on
behalf
of
the
Fund.
General
Information
Quarterly
performance,
shareholder
reports,
semi-annual
and
annual
financial
statements,
current
net
asset
value
and
other
information
regarding
the
Fund
may
be
found
on
BlackRock's
website,
which
can
be
accessed
at
blackrock.com
.
Any
reference
to
BlackRock's
website
in
this
report
is
intended
to
allow
investors
public
access
to
information
regarding
the
Fund
and
does
not,
and
is
not
intended
to,
incorporate
BlackRock's
website
in
this
report.
Electronic
Delivery
Shareholders
can
sign
up
for
e-mail
notifications
of
quarterly
statements,
annual
and
semi-annual
shareholder
reports
and
prospectuses
by
enrolling
in
the
electronic
delivery
program.
To
enroll
in
electronic
delivery:
Shareholders
Who
Hold
Accounts
with
Investment
Advisors,
Banks
or
Brokerages:
Please
contact
your
financial
advisor.
Please
note
that
not
all
investment
advisors,
banks
or
brokerages
may
offer
this
service.
Shareholders
Who
Hold
Accounts
Directly
with
BlackRock:
1.
Access
the
BlackRock
website
at
blackrock.com
2.
Select
"Access
Your
Account"
3.
Next,
select
"eDelivery"
in
the
"Related
Resources"
box
and
follow
the
sign-up
instructions.
BlackRock's
Mutual
Fund
Family
BlackRock
offers
a
diverse
lineup
of
open-end
mutual
funds
crossing
all
investment
styles
and
managed
by
experts
in
equity,
fixed-income
and
tax-exempt
investing.
Visit
blackrock.com
for
more
information.
Shareholder
Privileges
Account
Information
Call
us
at
(800)
441-7762
from
8:00
AM
to
6:00
PM
ET
on
any
business
day
to
get
information
about
your
account
balances,
recent
transactions
and
share
prices.
You
can
also
visit
blackrock.com
for
more
information.
Automatic
Investment
Plans
Investor
class
shareholders
who
want
to
invest
regularly
can
arrange
to
have
$50
or
more
automatically
deducted
from
their
checking
or
savings
account
and
invested
in
any
of
the
BlackRock
funds.
Systematic
Withdrawal
Plans
Investor
class
shareholders
can
establish
a
systematic
withdrawal
plan
and
receive
periodic
payments
of
$50
or
more
from
their
BlackRock
funds,
as
long
as
their
account
balance
is
at
least
$10,000.
Retirement
Plans
Shareholders
may
make
investments
in
conjunction
with
Traditional,
Rollover,
Roth,
Coverdell,
Simple
IRAs,
SEP
IRAs
and
403(b)
Plans.
Additional
Information
(continued)
2026
BlackRock
Semi-Annual
Financial
Statements
and
Additional
Information
24
Fund
and
Service
Providers
Investment
Adviser
and
Administrator
BlackRock
Advisors,
LLC
Wilmington,
DE
19809
Sub-Adviser
BlackRock
International
Limited
Edinburgh,
EH3
8JB
United
Kingdom
Accounting
Agent
JPMorgan
Chase
Bank,
N.A.
New
York,
NY
10179
Transfer
Agent
BNY
Mellon
Investment
Servicing
(US)
Inc.
Wilmington,
DE
19809
Custodians
JPMorgan
Chase
Bank,
N.A.
New
York,
NY
10179
The
Bank
of
New
York
Mellon
New
York,
NY
10286
Independent
Registered
Public
Accounting
Firm
PricewaterhouseCoopers
LLP
Philadelphia,
PA
19103
Distributor
BlackRock
Investments,
LLC
New
York,
NY
10001
Legal
Counsel
Ropes
&
Gray
LLP
New
York,
NY
10036
Address
of
the
Trust
100
Bellevue
Parkway
Wilmington,
DE
19809
Glossary
of
Terms
Used
in
these
Financial
Statements
25
Glossary
of
Terms
Used
in
these
Financial
Statements
Currency
Abbreviation
USD
United
States
Dollar
Portfolio
Abbreviation
LOC
Letter
of
Credit
RB
Revenue
Bonds
SOFR
Secured
Overnight
Financing
Rate
VRDN
Variable
Rate
Demand
Notes
Want
to
know
more?
blackrock.com
|
800-441-7762
This
report
is
intended
for
current
holders.
It
is
not
authorized
for
use
as
an
offer
of
sale
or
a
solicitation
of
an
offer
to
buy
shares
of
the
Fund
unless
preceded
or
accompanied
by
the
Fund's
current
prospectus.
Past
performance
results
shown
in
this
report
should
not
be
considered
a
representation
of
future
performance.
Investment
returns
and
principal
value
of
shares
will
fluctuate
so
that
shares,
when
redeemed,
may
be
worth
more
or
less
than
their
original
cost.
Statements
and
other
information
herein
are
as
dated
and
are
subject
to
change.
Item 8 - Changes in and Disagreements with Accountants for Open-End Management Investment Companies - See Item 7
Item 9 - Proxy Disclosures for Open-End Management Investment Companies - See Item 7
Item 10 - Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies - See Item 7
Item 11 - Statement Regarding Basis for Approval of Investment Advisory Contract - Not Applicable
Item 12 - Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies - Not Applicable
Item 13 - Portfolio Managers of Closed-End Management Investment Companies - Not Applicable
Item 14 - Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers - Not Applicable
Item 15 - Submission of Matters to a Vote of Security Holders - There have been no material changes to these procedures.
Item 16 - Controls and Procedures
(a) The registrant's principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the "1940 Act")) are effective as of a date within 90 days of the filing date of this report based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (the "Exchange Act").
(b) There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.
Item 17 - Disclosure of Securities Lending Activities for Closed-End Management Investment Companies -Not Applicable
Item 18 - Recovery of Erroneously Awarded Compensation - Not Applicable
Item 19 - Exhibits attached hereto
(a)(1) Code of Ethics - Not Applicable to this semi-annual report
(a)(2) Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act (17 CFR 240.10D-1) by the registered national securities exchange or registered national securities association upon which the registrant's securities are listed - Not Applicable
(a)(3) Section 302 Certifications are attached.
(a)(4) Any written solicitation to purchase securities under Rule 23c-1 - Not Applicable
(a)(5) Change in Registrant's independent public accountant - Not Applicable
(b) Section 906 Certifications are attached.
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
BlackRock FundsSM
By: /s/ John M. Perlowski
John M. Perlowski
Chief Executive Officer (principal executive officer) of
BlackRock FundsSM
Date: March 23, 2026
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By: /s/ John M. Perlowski
John M. Perlowski
Chief Executive Officer (principal executive officer) of
BlackRock FundsSM
Date: March 23, 2026
By: /s/ Trent Walker
Trent Walker
Chief Financial Officer (principal financial officer) of
BlackRock FundsSM
Date: March 23, 2026
Blackrock Funds published this content on April 07, 2026, and is solely responsible for the information contained herein. Distributed via EDGAR on April 07, 2026 at 14:54 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]